Dallas, Texas 11/27/2013 (Financialstrend) – The $12.38 billion market capped, Switzerland based service provider for oil and gas industry, Weatherford International Ltd (NYSE:WFT) disclosed yesterday that it has finally managed to convince the authorities including Department of Justice, U.S. Securities and Exchange Commission and U.S. Department of Commerce to look beyond the alleged instances of corporate miss-governance on part of its management and has agreed to pay out fine of $253 million as penalty. The terms under which the resolution of these charges is to be laid to rest is yet to be approved by the courts.
Commenting about the importance of this out of court agreement with U.S regulators, Weatherford International Ltd (NYSE:WFT) Chairman, Chief Executive and President Bernard Duroc-Danner has been quoted as saying, “This matter is now behind us. We move forward fully committed to a sustainable culture of compliance. With the internal policies and controls currently in place, we maintain a best-in-class compliance program and uphold the highest of ethical standards as we provide the industry’s leading products and services to our customers worldwide.”
Readers should note that Weatherford International Ltd (NYSE:WFT) was fending off grave charges of bribery under the aegis of “Foreign Corrupt Practices Act” and violation of export controls as per “International Emergency Economic Powers Act and the Trading with the Enemy Act”. Weatherford International would need to take care of certain formalities if it has to go ahead with FCPA compliance programme (Which would mean that it would need to have a independent compliance monitor).