Conclusion of Legacy Issue in Switzerland

Source: www.gulfoilandgas.com 11/23/2021, Location: Europe

In November 2020, the Company communicated that three of the Company’s subsidiaries in Switzerland received a notification from the Bundesanwaltschaft (Public Prosecutor Office) in Bern. It concerned a suspicion that from 2005 till 2012 these subsidiaries failed to take all reasonable and necessary organizational measures to prevent the commission of acts of active bribery of foreign public officials during said period.

On this matter, the Swiss public prosecutor has now issued an investigation termination order and a criminal penalty order against the three Swiss subsidiaries, requiring them to pay a total amount of 7.0 million CHF (c. USD 7.6 million).

Erik Lagendijk, Chief Governance and Compliance Officer said: “The fact pattern and compliance shortcomings prior to 2012 that led to the Swiss penalty are also covered by the legacy resolutions the Company concluded in the Netherlands (2014), the United States (2017), and Brazil (2018).

The termination of the investigation and penalty now also close this old issue in Switzerland on a full and final basis. Today and for many years now, the Company has been implementing substantial measures to ensure that it operates with integrity and fully in line with laws, regulations and with its compliance standards. These measures were also recognised by the Swiss Public Prosecutor Office.”


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