Defendant Name:
Chevron Corporation
Defendant Type:
Public Company
Document Reference:
2007-230
Document Details
Legal Case Name
SEC v. Chevron Corporation
Document Name
Chevron to Pay $30 Million to Settle Charges For
Improper Payments to Iraq Under U.N. Oil For Food
Program
Document Date
14-Nov-2007
Document Format
Civil Proceeding
Case Number
07-cv-10299
Federal District Court
New York, Southern District of New York
Allegation Type
Foreign Corrupt Practices Act
Document Summary
The SEC stated that: "[It] charged Chevron Corporation for its role in illegal
kickback payments that were made to Iraq in 2001 and 2002 in connection
with the company's purchases of crude oil under the U.N. Oil for Food
Program."
Disgorgement & Penalty Information
Resolutions
Enjoinment
The SEC stated: "Chevron also will pay the Office of Foreign Asset Controls of the U.S. Department of Treasury a penalty of $2 million. Chevron will satisfy its disgorgement obligation by forfeiting $20 million pursuant to an agreement with the U.S. Attorney's Office for the Southern District of New York and paying disgorgement of $5 million pursuant to an agreement with the Manhattan District Attorney's Office."
Cooperation Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
$25,000,000.00
Shared:
Civil Penalty
Individual:
$3,000,000.00
Shared: