U.S. Law Enforcement Focuses on FCPA

In February 2007, the U.S. Department of Justice brought a number as part of its Foreign Corrupt Practices Act enforcement efforts. 1. Three Vetco Subsidiaries Plead Guilty, Agree to $26M in Fines On February 6, 2007, the U.S. Department of Justice (DOJ) announced that Vetco Gray Controls, Inc., Vetco Gray Controls Ltd., and Vetco Gray UK Ltd., wholly owned subsidiaries of Vetco International Ltd., had pleaded guilty to violating the anti-bribery provisions of the Foreign Corrupt Practices Act (FCPA), as well as conspiracy to violate the FCPA. In addition, Aibel Group Ltd., another wholly owned Vetco subsidiary, simultaneously entered into a deferred prosecution agreement with the Justice Department regarding the same underlying conduct. The first three above-mentioned Vetco subsidiaries agreed to pay criminal fines of $6 million, $8 million, and $12 million, respectively, for a total of $26 million. This is the largest criminal FCPA fine to date ... [more]