Defendant Name:
GlobalSantaFe Corp.
Defendant Type:
Public Company
Document Reference:
2010-214-GlobalSantaFe Corp.
Document Details
Legal Case Name
SEC v. GlobalSantaFe Corp.
Document Name
SEC Charges Seven Oil Services and Freight Forwarding Companies for Widespread Bribery of Customs Officials
Document Date
04-Nov-2010
Document Format
Civil Proceeding
Allegation Type
Foreign Corrupt Practices Act
Document Summary
On November 4, 2010, the SEC announced that it had reached a settlement with GlobalSantaFe Corp. ("GSF") for the company's violations of the Foreign Corrupt Practices Act. GSF, a provider of offshore drilling services, made illegal payments through its customs brokers from approximately 2002 to 2007 to officials of the Nigerian Customs Service to secure documentation showing that its rigs had left Nigerian waters. The rigs had in fact never moved. GSF also made other payments to government officials in Gabon, Angola, and Equatorial Guinea. As part of the settlement, GSF, without admitting or denying the SEC's allegations, agreed to an injunction and will pay disgorgement of $3,758,165 and a penalty of $2.1 million.
Disgorgement & Penalty Information