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UpstreamOnline: Shell under investigation by Feds

By Upstream staff

Anglo-Dutch supermajor Shell is being probed by the US Department of Justice about its use of Basel-based logistics firm Panalpina.

The company said it is helping the agency in relation to suspected bribery in Nigeria, Kazakhstan and Saudi Arabia, which may result in fines under the US Foreign Corrupt Practices Act (FCPA).

“Shell’s US subsidiary, Shell Oil, was contacted by the US Department of Justice regarding Shell’s use of the freight forwarding firm Panalpina,” Shell said in its annual report published on its website on Monday.

Shell said it started an internal investigation and is cooperating with the Justice Department and with a probe launched by US markets regulator the Securities and Exchange Commission investigation.

Panalpina has quit its Nigeria operations following the probe and said last week in a statement that it had “certain indications that, in the past, violations of the FCPA may have occurred.”

The company has agreed with the Department of Justice on investigation plans in a number of countries.
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17 March 2008 15:49 GMT  | last updated: 17 March 2008 16:37 GMT

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