SBM Offshore agreed to pay $240 million to Dutch authorities Wednesday to settle allegations that it bribed government officials in Angola, Brazil and Equatorial Guinea.
Dutch prosecutors alleged that sales agents for the company made improper payments to government officials in Angola, Brazil and Equatorial Guinea between 2007 and 2011.
The prosecutors claimed that SBM paid sales agents $200 million in commission during that three year period, with tens of million of dollars allegedly being used to pay for services for government officials including school fees and transportation.
The settlement includes a $40,000 fine and was reached with SBM’s cooperation.
SBM will not be prosecuted in the Netherlands.
However, individual people involved in the case could face charges in other countries, Reuters said.
An internal investigation by Netherlands-based SBM found no evidence of wrongdoing in Brazil.
The U.S. Department of Justice also dropped its investigation into the company, SBM said in a statement.
“We can now focus on the future, secure in the knowledge that we have put in place an enhanced compliance culture which embeds our core values,” CEO Bruno Chabas said.