Prosecuting Agency:
U.S. Securities and Exchange Commission
Type of Action:
SEC Federal Court Proceeding
Docket or Case Number:
1O-cv-01891
Court:
District of Columbia
Name of Prosecuting Attorneys:
Cheryl J. Scarboro, SEC Headquarters
Tracy L. Price, SEC Headquarters
Denise Hansberry, SEC Headquarters
US Assisting Agencies:
U.S. Department of Justice
Federal Bureau of Investigation
Foreign Enforcement Action/Investigation:
Unknown
Foreign Assistance:
Unknown
Origin of the Proceeding:
Unknown
Whistleblower:
Unknown
Case Status:
Resolved
Summary
Transocean Inc. ("Transocean") was a Cayman Islands corporation during the relevant period with its principal executive offices in the Cayman Islands and Houston, Texas. Transocean and its subsidiaries provided offshore drilling services and equipment to oil companies worldwide, including Nigeria.
From 2002 to 2007, Transocean knew or or was aware of a high probability that payments made to customs agents were used to bribe officials at the Nigerian Customs Service (NCS) in order to circumvent rules and regulations regarding the importation of goods into Nigeria. To obtain reimbursement for the payments made on behalf of Transocean, the agents provided invoices to the subsidiaries without supporting documentation. The company then reimbursed the agents for the expenses, and mischaracterized the payments in their books and records. Transocean's total gains from the conduct was approximately $5,981,693.
On November 4, 2010, the SEC filed a complaint against Transocean, charging the company with violating the anti-bribery, books and records, and internal controls provisions of the FCPA. At the same time, Transocean consented to the entry of a final judgment permanently enjoining the company from future violations of the FCPA. Transocean was ordered to pay $5,981,693 in disgorgement, and $1,283,387 in prejudgment interest.
In a related action, Transocean entered into a three year deferred prosecution agreement with the DOJ, and agreed to pay a $13,440,000 criminal penalty.
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