us fines total 398m over bribes in iran
Last Updated : GMT 13:26:10
Arab Today, arab today
Arab Today, arab today

US fines Total $398m over bribes in Iran

Arab Today, arab today

Arab Today, arab today US fines Total $398m over bribes in Iran

Washington - AFP

French oil giant Total agreed Wednesday to pay US authorities $398.2 million to settle charges it bribed officials in Iran to secure oil and gas concessions. But meanwhile prosecutors in Paris working with Washington in the same investigation moved to have the company and its chief executive Christophe de Margerie charged with violating French bribery laws. Bringing to a head a case rooted in the 1990s, the US Department of Justice announced it was fining Total $245.2 million for violations of the Foreign Corrupt Practices Act (FCPA), which seeks to stop bribery in foreign countries by companies with a significant US presence. In addition, the Securities and Exchange Commission penalized Total, whose shares trade as American Depositary Receipts on the New York Stock Exchange, another $153 million in disgorgement of profits from the tainted Iran deals. The fines were expected since last year, when Total set aside $398 million in provisions for them. In France Total\'s shares fell 1.7 percent to 39.40 euros ($51.09) while the US-traded ADRs were flat at $51.25. The charges stemmed from some $60 million in bribes that Total intermediaries paid Iranian officials between 1995 and 2004 to obtain the rights to develop several oil and gas fields, the Justice Department said. Total has been under investigation in the United States since 2003 and in France since 2006, and US authorities have worked together with French officials in the lengthy probe. The Justice Department said the bribes began in 1995 when Total tried to reenter the Iranian market by obtaining rights from the National Iranian Oil Company to develop two fields known as Sirra A and Sirra E. Total paid around $16 million to an Iranian official via a fake consulting agreement to make the deal happen. In 1997 Total began paying another $44 million via a second consulting arrangement for rights to develop part of the South Pars gas field, the world\'s largest. \"Total mischaracterized the unlawful payments as \'business development expenses\' when they were, in fact, bribes designed to corruptly influence a foreign official,\" the department said. The US case was resolved in a deferred prosecution agreement, which set aside three criminal charges for three years to see if Total complies with the deal. Total admitted it was \"responsible\" under US law for the bribes, agreed to pay the fines, and committed to implementing controls to prevent FCPA violations and to retaining an independent corporate compliance monitor. \"Today\'s deferred prosecution agreement, with both its punitive and forward-looking compliance provisions, dovetails with our goals of bringing violators to justice and preventing future misconduct,\" said US Attorney Neil MacBride. \"These settlements... allow us to put an end to this investigation,\" said Total chief financial officer Patrick de la Chevardiere in a statement. \"We look forward to continuing our work and in demonstrating our strong commitment to ensuring ethical and legal compliance with the laws around the world.\" Despite the resolution of the US case, Total faced more trouble in France as prosecutors sought charges of corruption and misuse of funds against the company and de Margerie, who was director of Total\'s Middle East department at the time of the bribes. De Margerie was questioned in the case in March 2007, as well as other total executives. In Paris Total told AFP Wednesday that the company would challenge the French accusations. \"In the event of a trial, Total and its chief executive for the Middle East at the time will argue that the behavior that they are accused of was completely legal under French law,\" the company said in an emailed statement.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us fines total 398m over bribes in iran us fines total 398m over bribes in iran

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us fines total 398m over bribes in iran us fines total 398m over bribes in iran

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday