SEC v. Transocean Inc. (D.D.C. 2010)
Case Details
- Case Name
- SEC v. Transocean Inc. (D.D.C. 2010)
- Foreign Official
- Nigerian Customs Service officials.
- Date of Conduct
-
2002 to 2007
- Nature of Business
- Transocean Inc. (“Transocean”) was a Cayman Islands corporation that is now a wholly-owned subsidiary of Transocean Ltd., a Swiss corporation. Transocean and its affiliates provide offshore drilling services and equipment to oil companies worldwide.
- Influence to be Obtained
- From 2002 to 2007, Transocean allegedly made illicit payments through its customs agents to Nigerian government officials to extend importation permits, obtain false paperwork associated with its rigs, and obtain clearance authorization and a bond registration. It also made illicit payments through Panalpina World Transport (Holding) Ltd. (“Panalpina”), a freight forwarder, to expedite the import of various goods, equipment and materials into Nigeria.
- Enforcement
- On November 4, 2010, without admitting or denying the SEC’s findings, Transocean consented to entry of an order requiring it to cease and desist from violating the anti‑bribery, books and records and internal controls provisions of the FCPA and pay disgorgement and pre-judgment interest of $7,265,080.
On the same day, Transocean also entered into a deferred prosecution agreement with the DOJ.
- Amount of the Value
- Approximately $813,000.
- Amount of Business Related to Payment
- Approximately $6 million.
- Intermediary
- Freight forwarder, agent.
- Citizenship of Parent Entity
- Cayman Islands
- Total Sanction
- $ 7,265,080
- Reporting Requirements
- No
- Total Combined Monetary Sanction
- $ 20,705,080
Defendants
Transocean Inc.
- Citation
- SEC v. Transocean Inc., No. 1:10-cv-1891 (D.D.C. 2010).
- Other Statutory Provision
- None
- Disposition
- Complaint and Consent Order
- Defendant Jurisdictional Basis
- Issuer
- Defendant's Citizenship
- Cayman Islands
