USA: ‘ DOJ FINE OILFIELD FIRM FOR ILLEGAL TRADE WITH IRAN & SUDAN ‘

#AceFinanceReport – USA:May.12: The U.S. Justice Department imposed a fine exceeding $232 million on a subsidiary of oilfield services firm Schlumberger for facilitating illegal trade with Iran and Sudan and trying to disguise the transactions.

Schlumberger Oilfield Holdings Ltd. pleaded guilty to conspiring to violate the International Emergency Economic Powers Act authorizing the White House to regulate commerce with countries after declaring an emergency based on unusual or extraordinary threats to the United States that arise abroad.

Trade with Iran and Sudan is specifically barred under the act.

The penalty of $232,708,356 is the largest ever imposed on a company for violating the IEEPA and, in acknowledging its guilt, the oil services giant agreed to cease all its commercial operations with Iran and Sudan, as well as to turn over to U.S. authorities all information they request about those activities.

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