SEC v. Ashland Oil, Inc. Orin E. Atkins (D.D.C. 1986)

• Case Name
• SEC v. Ashland Oil, Inc. Orin E. Atkins (D.D.C. 1986)

• Date Filed
• 07/08/1986

• Enforcement Agency
• SEC

• Countries
• Oman

• Foreign Official
• Equerry to the Sultan of Oman and an official of the Omani government.

• Date of Conduct
• 1979 to 1982

• Nature of Business
• Ashland Oil, Inc. (“Ashland Oil”) is a Kentucky corporation engaged in refining, transporting, and marketing crude oil products.  It maintains a class of securities registered with the SEC pursuant to Section 12 of the Exchange Act.  Orin E. Atkins was the chairman of the board and chief executive officer of Ashland during the relevant period of time.

• Influence to be Obtained
• According to the SEC, Ashland Oil’s wholly owned subsidiaries purchased a defunct mineral mine from an Omani official for a significantly inflated amount.  Allegedly, Ashland Oil made the purchase to influence the official to grant it crude oil contracts with the Oman Refining Company, an instrumentality of the government of Oman.

• Enforcement
• On July 8, 1986, Ashland Oil and Atkins consented to the entry of a permanent injunction that prohibited Ashland Oil from using corporate funds for unlawful political contributions or other similar unlawful purposes.  No monetary sanction was imposed.

• Amount of the Value
• Purchase of a nearly worthless chromite mine owned by the foreign official for $25 million, plus approximately $4 million in interest.

• Amount of Business Related to Payment
• Not Stated

• Intermediary
• Subsidiary.

• Citizenship of Parent Entity
• United States

• Total Sanction
• $ 0

• Compliance Monitor
• No

• Reporting Requirements
• No

• Case is Pending?
• No

• Total Combined Monetary Sanction
• $ 0

Ashland Oil, Inc.

• Citation
• SEC v. Ashland Oil, Inc., et al., No. 86-cv-1904 (D.D.C. 1986).

• Date Filed
• 07/08/1986

• Filed Under Seal
• No

• FCPA Statutory Provision
• • Anti-Bribery

• Other Statutory Provision
• None

• Disposition
• Complaint and Consent Order

• Defendant Jurisdictional Basis
• Issuer

• Defendant's Citizenship
• United States

Orin E. Atkins 

• Citation
• SEC v. Ashland Oil, Inc., et al., No. 86-cv-1904 (D.D.C. 1986).

• Date Filed
• 07/08/1986

• Filed Under Seal
• No

• FCPA Statutory Provision
• • Anti-Bribery

• Other Statutory Provision
• None

• Disposition
• Complaint and Consent Order

• Defendant Jurisdictional Basis
• Issuer

• Defendant's Citizenship
• United States

• Individual Sanction
• None