Friday 27 April 2018

Total to pay $398 million in Iran row

Paris, May 30, 2013

French oil company Total has agreed to pay $398 million to settle criminal and civil charges brought by the US government over alleged payments of bribes to Iranian officials in exchange for oil and gas contracts.

Separately, the Paris prosecutor said Total and chief executive Christophe de Margerie should face trial in the same case, according to a report in the Gulf Daily News.

"Total used illicit payments to win business in Iran, and reaped substantial financial benefits as a result," Andrew Calamari, director of the US Securities and Exchange Commission, said.

"Total must now pay back all of its profits from the company's corrupt conduct and additionally pay criminal penalties on top of that."

Total had, in anticipation, booked a 316m euro ($410m) provision in its accounts in the second quarter of last year in connection with the investigation.

In France, the prosecutor said Margerie should also face trial for misuse of company funds as part of the case, opened in December 2006.

"It is now up to the investigating magistrate to decide," the French prosecutor said, adding that French investigators had worked with their counterparts and the financial market authority in the US.

A Total spokesman confirmed it had been notified of the Paris prosecutor's recommendation and said the company and Margerie - previously head of exploration and production for Total in the Middle East - would demonstrate in any trial that their behaviour had been legal. – TradeArabia News Service

Tags: Iran | Total | bribes | US government |


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