Natco, SEC resolve overseas antibribery allegation

Nick Snow
OGJ Washington Editor

WASHINGTON, DC, Jan. 19 -- Natco Group Inc. agreed to pay a $65,000 civil fine to settle a charge that a subsidiary violated federal antibribery laws, the US Securities and Exchange Commission said.

Test Automation & Controls Inc. (TAC), a subsidiary of the Houston oil field service and supply company, allegedly created and accepted false documents while paying extorted immigration fines and obtaining immigration visas in Kazakhstan, SEC said in a settled civil complaint filed in federal district court for South Texas.

SEC said this action violated the Foreign Corrupt Practices Act’s books and records and internal controls provisions. Natco’s system of internal accounting controls filed to ensure that TAC recorded the payments’ true purpose, and its consolidated books and records did not accurately reflect these payments, according to SEC.

Natco, which Cameron International Corp. acquired Nov. 18, 2009, in an exchange of stock, did not admit to or deny the allegation as it settled the charge. In a related matter, it also accepted a cease-and-desist order from the SEC finding that the company had violated books and records and internal control provisions of the Federal Exchange Act.

Contact Nick Snow at nicks@pennwell.com.

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