Panalpina to cough up $85m in penalties

Royal Dutch Shell and Swiss Logistics company Panalpina are to pay US$115 million in penalties to settle charges stemming from a three-year investigation by the US Justice Department into illegal payments to Nigerian officials and others by the Swiss company to expedite services, reported All Africa .

Shell, according to the Wall Street Journal is to pay around $30 million in penalties to settle charges stemming from its use of Panalpina as an agent in Nigeria. Panalpina Group, in connection with possible foreign bribery, on the other hand is expected to pay around $85 million in fines to settle charges that it violated the US Foreign Corrupt Practices Act.

The Swiss company has been under investigation by the Securities and Exchange Commission for paying bribes to officials of Nigeria, Saudi Arabia, Algeria and Kazakhstan to expedite services, such as clearing drilling rigs and other equipment through Customs.

The criminal inquiry, according to the Journal, expanded to the Panalpina's clients, including oil giant Shell, Transocean, one of the world's largest of offshore drilling contractors, Nabors Industries, Noble Corp and oil-services company Schlumberger, which is currently being investigated by the US Department Department for alleged bribery-related activity in Yemen.
(Source:www.cargonewsasia.com)