WORLD-ZL >> Continuous Third Party Due Diligence
World-ZL enables you to perform continuous third party due diligence by screening your third parties for state owned enterprises, foreign officials, corrupt politicians, terrorists, sanctioned entities, and more than 40 other risk categories.
|Company: ||Royal Dutch Shell PLC |
|Charges: ||Bribing foreign officials |
|Penalty: || |
Royal Dutch Shell PLC (“Shell”) is a global oil and gas company that was founded in 1907 and is headquartered in the Netherlands. The company fully integrated, with substantial operations in each stage of the oil production process, including exploration & production, refining, distribution, marketing, petrochemical manufacturing, power generation and trading. Shell also runs renewable energy initiatives in the areas of biofuels, hydrogen, solar and wind power.
On November 4, 2010, Shell was charged with violating the FCPA by using a customs broker to make payments to officials at the Nigerian Customs Service in order to obtain preferential customs treatment related to a project in Nigeria. The alleged violations took place from 2002 to 2005. According to the SEC, Shell “…resorted to lucrative arrangements behind the scenes to obtain phony paperwork and special favors, and [the company] landed themselves squarely in investigators' crosshairs."
Shell agreed to a cease-and-desist order and will pay disgorgement and prejudgment interest of $18.1 million. The Shell Nigerian Exploration and Production Co. Ltd. on the other hand have to pay a criminal fine of $30 million.
Continuous Third Party Due Diligence