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.

Related Articles

LNG exports’ immediate geopolitical impacts limited, senators told

03/26/2014 Direct geopolitical impacts from the US authorizing LNG exports more quickly would be limited, witnesses told a US Senate committee. But global mar...

DOE approves LNG exports to non-FTA countries from Oregon project

03/24/2014 The US Department of Energy conditionally approved Jordan Cove Energy Project LP’s application to export LNG through its proposed terminal on Orego...

Watching Government: Alaska's ANWR reminder

03/24/2014 Alaska's state government apparently doesn't want people to forget there's still significant oil and gas potential beneath the Arctic National Wild...

Begich objects to House Democrats' NPR-A comment extension request

03/24/2014 US Sen. Mark Begich (D-Alas.) let three US House Democrats know he did not approve of their request for the US Bureau of Land Management to add 30 ...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected