Verdict Reached By The US Court
On October 13, 2006 Statoil reached a settlement with US authorities for their involvement in the case and was ordered by a US court to pay USD 21 million in fines. As part of the settlement agreement Statoil had to agree to the following counts.
1. Statoil agreed that they had paid bribes to an Iranian public servant in June 2002 and January 2003, with the aim of securing contracts for Statoil in the development of stage 6,7,8 of the South Pars gas field in Iran.
2. Statoil agreed that bribes were paid to secure other contracts in the country, and to get hold of confidential information.
3. Statoil agrees that they had used wrong accounting procedures in order to hide the bribes from their records.
The settlement also stipulated that no Statoil employee or representative for the company could make any statements to the media that contradicts the verdict for the next three years.
Read more about this topic: Statoil Corruption Case
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