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Sunday, May 19, 2024 | Back issues
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Weatherford Judgment Entered in SEC Action

HOUSTON (CN) - Securities violations will strip $95.3 million in profits earned by Swiss-based oilfield services company Weatherford International, a federal judge ruled.

Among several parallel actions against the company, the Securities and Exchange Commission accused Weatherford just last month of violating the Foreign Corrupt Practices Act and the Securities Exchange Act of 1934.

It claimed that Weatherford had engaged in bribery, falsified its books, and carried out activities in sanctioned countries - including Cuba, Iran, Syria and Sudan.

The agencies filed a $253 million settlement with Weatherford simultaneously with the actions in Houston, Texas, where the company has operations.

U.S. District Judge Gray Miller issued final judgment in the SEC case on Thursday.

"This matter is now behind us," chairman, president and CEO Bernard J. Duroc-Danner said on Weatherford's website. "We move forward fully committed to a sustainable culture of compliance."

Miller's final judgment enjoins Weatherford from bribing foreign officials and orders the company to keep accurate records of its assets. It further assesses a civil penalty of $1.8 million.

Miller also oversees related criminal proceedings against the company.

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