Panalpina pays Nigerian bribery settlement
24 / 10 / 2010
INTERNATIONAL freight forwarder, Panalpina, is negotiating a US$85 million settlement for its alleged part in a Nigerian bribery case.
US prosecutors claim Panalpina and several of its oil and gas customers, including Royal Dutch Shell, Nabors Industries, Schlumberger, Transocean and Noble, paid Nigerian officials to fast track their airfreight across national borders.
A Panalpina spokesperson said: “Settlement negotiations are still under way and we are confident we can reach an agreement this year.”
The investigation has been running for the past three years. Shell is rumoured to have already agreed to pay $30 million and the other companies are also negotiating settlements.
Soon after the investigation started, Panalpina closed its operations in Nigeria, saying it was impossible to conduct business in Nigeria and comply with regulations. Other airfreight sources confirmed the difficulty of regulatory compliance in the country.