Swiss freight forwarding company Panalpina World Transport Ltd. joined six other companies in agreeing to a settlement in investigations of Foreign Corrupt Practices Act (FCPA) violations.
The Justice Department and the Securities Exchange Commission announced the settlement, which will see the companies pay a total of $236.5 million, on Nov. 4. The companies involved include Shell Nigeria Exploration and Production Company Ltd. (SNEPCO), Transocean Inc., and Tidewater Marine International Inc., all of which are customers of Panalpina in the oil and gas industry.
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