International Bribery – SEC Action
Total S.A. allegedly paid million of dollars in bribes to intermediaries of an Iranian government official in order to win contracts to develop oil and gas fields in Iran.
The Securities and Exchange Commission (SEC) charged Total S.A. with violating the Foreign Corrupt Practices Act (FCPA) between 1995 and 2004 by paying $60 million in bribes to intermediaries of an Iranian government official in order to win contracts to develop oil and gas fields in Iran. The SEC alleged that Total made more than $150 million in profits through the bribery scheme and attempted to conceal the illegal payments by entering into sham consulting agreements and mischaracterizing the payments in its books and records as legitimate business expenses. The SEC entered into a cease-and-desist order against Total S.A. in which the company agreed to pay $153 million in disgorgement and prejudgment interest. See related Total SA instance, “International Bribery – Deferred Prosecution Agreement”.
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- Enforcement Agency
- Contracting Party
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- Date of Settlement Announcement