Monday, June 17, 2013

Global Impact: French-Owned Total SA, Trading on NYSE, Ordered to Pay US$245.2 Million for Bribery

COMMENT: I strongly suggest that our readers review the below link to a piece carried by THE LATIN AMERICAN TRIBUNE entitled "France's Total Charged in Connection With An International Bribery Scheme," whereby the global energy company has agreed to pay the US Department of Justice US$245.2 million for violations of the Foreign Corrupt Practices Act (FCPA).

Because Total SA is a member of the NYSE they are governed by the FCPA.

Additionally, Total's Chairman and CEO and two others have been referred to the French government for violations under French law, including France's foreign bribery statutes.

This article is a "must-read" for all global companies given the implication of third party representatives offering bribes whose conduct global companies are responsible for.