Calgary energy firm hit with lofty fine for bribing African officials
Published Friday, January 25, 2013 12:28PM MST
Last Updated Friday, January 25, 2013 5:36PM MST
A judge has agreed that Calgary based Griffiths Energy will pay a $10 million fine for bribery.
In court this week, the company admitted to having paid $2 million to officials in the Central African nation of Chad to gain an advantage in oil exploration.
The firm also promised company shares to an ambassador and his wife in Chad.
The company volunteered to pay $10.3 million in fines, an amount a judge agreed with.
“Griffiths Energy regrets the actions of past management and the past board of directors,” says Gary Guidry, Griffiths Energy CEO. “The actions were wrong, they were inappropriate. When we found those actions, we blew the whistle and we cooperated with the authorities because that’s the way our management team and our board do business.”
The company maintains it did not receive any preferential treatment despite the bribes.