Defendant Name:
Technip
Defendant Type:
Public Company
Document Reference:
2010-110
Document Details
Legal Case Name
SEC v. Technip
Document Name
SEC Charges Technip with FCPA Violations; Technip to Pay $338 Million to Settle SEC and DOJ ChargesÍž Brings Total Sanctions Against Joint Venture Partners to $917 Million
Document Date
28-Jun-2010
Document Format
Civil Proceeding
Case Number
10-cv-02289
Federal District Court
Texas, Southern District of Texas
Allegation Type
Foreign Corrupt Practices Act
Document Summary
On June 28, 2010, the SEC announced a settlement with Technip--a global engineering, construction and services company based in Paris, France--for multiple violations of the Foreign Corrupt Practices Act ("FCPA"). The SEC had alleged that Technip was part of a four-company joint venture that bribed Nigerian government officials over a 10-year period in order to win construction contracts worth more than $6 billion. The SEC also charged that Technip engaged in books and records and internal controls violations related to the bribery. Without admitting or denying the SEC's allegations, Technip has consented to the entry of a court order permanently enjoining it from violating the federal securities laws and ordering Technip to disgorge $98 million in ill-gotten profits derived from the scheme and prejudgment interest. The proposed settlement remains subject to court approval. In a related criminal proceeding, the U.S. Department of Justice ("DOJ") filed a criminal action against Technip, charging one count of conspiring to violate the FCPA and one count of violating the anti-bribery provisions of the FCPA. Technip has entered into a deferred prosecution agreement with the DOJ and agreed to pay a criminal penalty of $240 million.
Disgorgement & Penalty Information
Monetary Penalties:
Disgorgement
Individual:
$98,000,000.00
Shared:
Pre-Judgment Interest
(Penalty was noted in document, but no amount was listed)
