Defendant Name:
Tidewater Inc.
Defendant Type:
Public Company
Document Reference:
2010-214-Tidewater Inc.
Document Details
Legal Case Name
SEC v. Tidewater 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-04180
Federal District Court
Louisiana, Eastern District of Louisiana
Federal District Judge
B. Lynn Winmill
Allegation Type
Foreign Corrupt Practices Act
Document Summary
On November 4, 2010, the SEC announced that it had reached a settlement with Tidewater Inc. ("Tidewater") for the company's violations of the Foreign Corrupt Practices Act. Through a subsidiary, the New Orleans-based shipping company reimbursed approximately $1.6 million to its customs broker in Nigeria from 2002 to 2007, allowing the broker to make improper payments to Nigerian customs officials and induce them to disregard regulatory requirements related to the importation of Tidewater's vessels. As part of the settlement, Tidewater, without admitting or denying the SEC's allegations, agreed to an injunction and will pay $8,104,362 in disgorgement and a $217,000 penalty. In related criminal proceedings brought by the U.S. Department of Justice, Tidewater Marine International agreed to pay a criminal fine of $7.35 million.
Disgorgement & Penalty Information
