Defendant Name:
Transocean Inc.
Defendant Type:
Public Company
Document Reference:
2010-214-Transocean Inc.
Document Details
Legal Case Name
SEC v. Transocean Inc.
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
Case Number
10-cv-01891
Federal District Court
District of Columbia, District of Columbia
Federal District Judge
John D. Bates
Allegation Type
Foreign Corrupt Practices Act
Document Summary
On November 4, 2010, the SEC announced that it had reached a settlement with Transocean Inc. ("Transocean") for the company's violations of the Foreign Corrupt Practices Act. An international provider of offshore drilling services to oil companies throughout the world, Transocean made illicit payments from at least 2002 to 2007 through its customs agents to Nigerian government officials in order to extend the temporary importation status of its drilling rigs. Bribes also were paid to obtain false paperwork associated with its drilling rigs and obtain inward clearance authorizations for its rigs and a bond registration. As part of the settlement, Transocean, without admitting or denying the SEC's allegations, agreed to an injunction and will pay disgorgement and prejudgment interest of $7,265,080. In related criminal proceedings brought by the U.S. Department of Justice, Transocean and Transocean Ltd. agreed to pay a criminal fine of $13.44 million.
Disgorgement & Penalty Information
Monetary Penalties:
Disgorgement
(Penalty was noted in document, but no amount was listed)
Pre-Judgment Interest
(Penalty was noted in document, but no amount was listed)
Disgorgement and prejudgment interest
Individual:
$7,265,080.00
Shared:
Total Penalty
Individual:
$7,265,080.00
Shared:
