• 4 minute Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 8 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 15 minutes Oil prices going down
  • 50 mins Oil prices going down
  • 17 mins Could oil demand collapse rapidly? Yup, sure could.
  • 1 hour Migrants: Italy Wants EU Border Agency In Africa, Not At Sea
  • 5 hours Sabotage at Tesla
  • 13 hours Oil and Trade War
  • 25 mins Trump Hits China With Tariffs On $50 Billion Of Goods
  • 12 hours Germany Orders Daimler to Recall 774,000 Diesel Cars in Europe
  • 15 hours Sell out now or hold on?
  • 15 hours Russia and Saudi Arabia to have a chat on oil during FIFA World Cup - report
  • 1 hour After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
  • 10 hours What If Canada Had Wind and Not Oilsands?
  • 9 hours The Wonderful U.S. Oil Trade Deficit with Canada
  • 1 hour The Irrelevance Of BTU Rating - Big Oil's Gimmick To Hoodwink The Public
  • 1 hour Nopec Sherman act legislation
  • 13 hours venezuala oil crisis
  • 13 hours When will oil demand start declining due to EVs?

Breaking News:

Nigeria Struggles To Sell Its Crude

The Next Stage In Perovskite Solar Development

The Next Stage In Perovskite Solar Development

Perovskite photovoltaic cells have long…

Shale Drillers’ $7 Billion Hedging Error

Shale Drillers’ $7 Billion Hedging Error

The rebound in oil prices…

Total to Pay $398.2 Million in Damages for Bribing Iranian Officials

Total SA, France’s largest oil producer has finally agreed with the US Justice Department to accept a deferred prosecution agreement and pay $245.2 million in damages to bring an end to a three year court case. As part of the agreement Total must also give up an extra $153 million of illegal profits, making the total loss to the company $398.2 million, and equating to the fourth largest penalty under the Foreign Corrupt Practices Act (FCPA) anti-bribery law.

Total faced three charges that violated the FCPA, over claims that it paid bribes to win oil and gas contracts in Iran.

US authorities claimed that between 1995 and 2004, Total paid $60 million to bribe Iranian government officials into helping the company secure lucrative contracts to develop oil and gas across three different fields.

Related article: Pakistan Faces Tough Choices with Energy Crisis

Unfortunately for Total this settlement may not be the end of the affair. A French prosecutor is now calling for Total’s Chief Executive Officer, Christophe de Margerie, to stand trial for corrupting foreign public officials in Iran, and for the misuse of company funds to pay the bribes.

Total have been made aware of this latest twist in the trial and a spokesman has said that both the company and its CEO de Margerie are willing to prove in front of any court that their behaviour was legal.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News