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 | Investigations Dataset

Stanford Foreign Corrupt Practices Act Clearinghouse a Collaboration with Sullivan & Cromwell LLP

Investigations Dataset

 
Investigation into Baker Hughes' Activites with Unaoil in Iraq · Baker Hughes Company

Information & Summary

Investigation into Baker Hughes' Activites with Unaoil in Iraq

Related FCPA Matter:   Baker Hughes Involvement with Unaoil in Iraq Information

Information & Summary

Investigation Name:    Investigation into Baker Hughes' Activites with Unaoil in Iraq

Trend:    Unaoil

Type of investigation:    SEC, DOJ

Other Agencies Investigating/Assisting with SEC/DOJ Investigation:    Unknown

Whistleblower:    Unknown

Summary

Baker Hughes, a GE company, LLC ("BHGE"), headquartered in Houston, Texas, was a global provider of comprehensive oil field services and products which it provided through several subsidiaries and operating divisions.

In its 10-Q filed on April 30, 2019, BHGE disclosed that it had received a document request from the DOJ in March 2019 in connection with the company's operations in Iraq and its dealings with Unaoil. BHGE said it was cooperating with the DOJ's investigation, and the agreed to toll any statute of limitations in connection with the matters subject to the DOJ’s document request until December 2019.

As of September 16, 2019, GE ceased to hold more than 50% of the voting power of all classes of BHGE's outstanding voting stock. Subsequently, on October 17, 2019, the Company changed its name from Baker Hughes, a GE company to Baker Hughes Company ("Baker Hughes"). On October 18, 2019, the Company began trading as BKR on the New York Stock Exchange.

In its 10-K filed on February 13, 2020, Baker Hughes disclosed that in December 2019, the SEC also requested documents about the company's dealings with Unaoil.

According to its 10-Q filed on October 22, 2021, the company was informed on September 30 that the investigations had been closed with no further action expected.

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