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 | Investigations Dataset

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

Investigations Dataset

 
Investigation into Cobalt's Activities in Angola · Cobalt International Energy, Inc.

Information & Summary

Investigation into Cobalt's Activities in Angola

Related FCPA Matter:   Cobalt International Energy's Involvement in Angola Information

Information & Summary

Investigation Name:    Investigation into Cobalt's Activities in Angola

Trend:    None

Type of investigation:    Internal, SEC, DOJ

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

Whistleblower:    Unknown

Summary

Cobalt International Energy, Inc. (Cobalt) was a petroleum exploration and production company headquartered in Houston, Texas. Cobalt filed for bankruptcy on December 14, 2017.

Cobalt, in its SEC filings, disclosed that in March 2011 the SEC commenced an informal inquiry into allegations related to Cobalt’s operations in Angola. In order to avoid non-overlapping information requests, Cobalt voluntarily contacted the DOJ regarding the SEC's informal request and offered to respond to any requests the DOJ might have. In November 2011, a formal order of investigation was issued by the SEC. Cobalt commenced an internal investigation regarding the aforementioned allegations.

In August 2014, Cobalt received a Wells Notice from the SEC stating that the SEC staff had made a preliminary determination to recommend that the SEC institute an enforcement action against Cobalt.

In January 2015, Cobalt received a termination letter from the SEC advising that the SEC's FCPA investigation had concluded and the SEC did not intend to recommend any enforcement action against Cobalt.

On February 9, 2017, Cobalt disclosed that the DOJ had concluded its investigation and did not intend to pursue any further action against the company.

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