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DOJ fines Vetco units record $26 million in FCPA case

03/05/2007
Three Vetco International Ltd. subsidiaries pled guilty to violating antibribery provisions of the Foreign Corrupt Practices Act and agreed to pay $26 million-the largest criminal fine in an FCPA prosecution by the US Department of Justice so far, Deputy Atty. Gen. Paul J. McNulty reported Feb. 6.The pleas by Vetco Gray Controls Inc., Vetco Gray Controls Ltd., and Vetco UK Ltd. came before US District Judge Lynn N. Hughes in the Southern District of Texas. The three subsidiaries also pleaded guilty to conspiracy to violate the FCPA.A fourth Vetco subsidiary, Aibel Group Ltd., entered into a deferred prosecution agreement with DOJ regarding the same underlying conduct.The settlement fulfil...
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