Panalpina’s painful saga in Nigeria reaches closure
11 / 11 / 2010
PANALPINA has announced the final resolution of claims against the company arising from a US Department of Justice (DoJ) and US Securities and Exchange Commission (SEC) investigation into corrupt practices, centred on activities in Nigeria.
Under the terms of the agreement Panalpina will pay a total of some US$81.9 million in fines and disgorgement of profits.
Panalpina World Transport also announced that it has entered into a Deferred Prosecution Agreement (DPA) with the DoJ. Under the DPA, the DoJ has agreed to defer any criminal prosecution of PWT for three years. PWT has accepted certain obligations under the DPA, such as continuing to improve its compliance policies and procedures and providing regular reports to the DOJ on compliance progress.
For the full story read the latest free digital edition of Air Cargo News, no. 690 dated 1 November, here.