Switzerland: SBM Offshore Faces Swiss Probe Over Legacy Bribery Allegations

Oil-services firm SBM Offshore NV is facing an investigation by the Swiss government into bribery allegations that the company said it has already paid hundreds of millions of dollars to resolve in three other countries.

Amsterdam-based SBM Offshore said Monday that three of its subsidiaries had received notice of a probe by Swiss prosecutors who are investigating whether the subsidiaries failed to implement measures to prevent corrupt payments between 2005 and 2012.

The Office of the Attorney General of Switzerland confirmed the investigation in a statement.

The Swiss probe underscores the risks posed to companies by the proliferation of anti-bribery laws such as the U.S. Foreign Corrupt Practices Act. Even highly coordinated settlements resolving allegations of wrongdoing in multiple countries don’t prevent law enforcement agencies in other countries from opening their own subsequent investigations—sometimes years later.

The original full article can be found at wsj.com

(Photo: FABRICE COFFRINI/AGENCE FRANCE-PRESSE/GETTY IMAGES)

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