Nick Snow
Washington Correspondent
WASHINGTON, DC, Sept. 25 -- Paradigm BV, an exploration and production software supplier based in Amsterdam, said Sept. 24 it will pay $1 million as part of a settlement with the US Department of Justice for possible violations of the Foreign Corrupt Practices Act.
Paradigm said DOJ did not levy civil or criminal charges in the matter involving improper payments to government officials of various countries during 2002-07, which Paradigm voluntarily disclosed. No one in the company's current senior management was involved in the payments, it added.
Paradigm said it discovered the payments during due diligence for an anticipated initial public offering. The company said it immediately retained the law firm Skadden, Arps, Slate, Meagher, & Flom LLP to conduct a multicountry investigation and make the voluntary disclosure.
As part of the agreement, Paradigm said it also agreed to implement and enhance internal controls, retain outside compliance counsel, and cooperate fully with DOJ.
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