$253 million Settlement for Weatherford
28 Nov, 2013
One of the biggest oil companies in the world, Weatherford International, is set to make a $253 million payment to settle actions over bribery and sanctions busting actions brought by government in the US.
Around $100 million of this amount will provide for criminal and civil penalties. This is thought to be the biggest payment for like offences by a company that isn’t a bank.
Details of such misconduct included payment by officials for; family trips, world cup tickets and a honeymoon.
Weatherford offices across the US, Canada, the UAE and the UK have all been involved in these sanctions.