Today, in what the FCPA Blog called “making FCPA history”, the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) announced the agreement by the Global logistics firm Panalpina and the energy companies Shell, Transocean, Tidewater, Noble and Pride International to resolve various outstanding FCPA charges. The total amount of penalties is $156.565 million in criminal fines and about $73.9 million in civil disgorgement, interest and penalties.
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In addition to the total amount going to the US Treasury of approximately $229.5, the most interesting item noted is that none of the parties was required to have a corporate monitor as a part of its settlement. In future posts we will review the specific Deferred Prosecution Agreements (or Non-Prosecution Agreement) to see if we might glean some of the DOJ’s concepts of current FCPA compliance best practices.
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© Thomas R. Fox, 2010