Panalpina and Shell close to settling bribery case

Panalpina and Shell close to settling bribery case

Panalpina Group and its customer, Royal Dutch Shell Plc, are close to settling foreign bribery charges by U.S. regulators, according to a Wall Street Journal report on its website. Panalpina, a Swiss shipping and logistic company, has been at the center of an investigation by the U.S. Department of Justice and the Securities and Exchange Commission about whether the company had paid foreign officials to speed drilling rigs and other equipment through customs.

The alleged bribes occurred in a number of countries including Saudi Arabia, Nigeria, Algeria and Kazakhstan, the report said. The investigation has also extended to some of Panalpina’s clients, including Shell. Panalpina is expected to pay $85 million in charges to settle charges it violated the U.S. Foreign Corrupt Practices Act, according to the Journal. Shell is expected to pay around $30 million related to its use of Panalpina in Nigeria, the story said

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