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ARTICLE · 16 FEBRUARY 2014

Weatherford And RBS Settle US Sanctions Violation And Bribery Cases

De Brauw Blackstone Westbroek
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RBS and Weatherford have reached major settlements with US authorities to resolve alleged violations of US sanctions and anti-bribery laws.

NetherlandsCriminal Law
Patrick Ploeger
Patrick Ploeger
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RBS and Weatherford have reached major settlements with US authorities to resolve alleged violations of US sanctions and anti-bribery laws.

Weatherford settlement: one of the largest settlements outside the banking industry

Weatherford International Ltd., a prominent oil and natural gas company, and a number of its subsidiaries and affiliates (Weatherford) reached a settlement for more than USD 250 million with US authorities. Weatherford was accused of violating multiple laws. Allegedly, Weatherford violated the FCPA in 2002 and 2011 by falsifying its books and records and concealing unlawful payments. In addition, Weatherford violated the sanctions law during the period of 1998 and 2007 by conducting commercial transactions with sanctioned countries including Cuba, Iran, Syria and Sudan. 

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