Image courtesy of Key Energy Services

Key Energy Services Inc. said it is investigating allegation of possible bribery involving its Mexico operation.

The Houston-based firm said in a filing with the U.S. Securities and Exchange Commission last week that it learned about the allegations in April and has conducted an initial investigation into potential violations of the United States Foreign Corrupt Practices Act (FCPA) and other laws.

The FCPA makes it a crime to pay or give anything of value to a foreign official to win or keep work.

Key Energy made a voluntary disclosure about the Mexico allegations and its investigation to the SEC and the Justice Department on May 30, it said, and is  fully cooperating with both agencies.

In May, Key said the SEC is investigating potential violations of the Foreign Corrupt Practices Act involving its Russian business.

The company provides onshore energy production services.

It said last week its board has formed a special committee to oversee the investigations of both its Mexican and Russian operations.

“The special committee has retained external independent legal counsel to continue these investigations,” Key said.

Key employs more than 8,500 people worldwide.

It trades on the NYSE under the ticker symbol “KEG.”

It serves customers in the United States, and in Mexico, Colombia, the Middle East and Russia.


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