TechnipFMC Fined for Iraq Bribes

By John Lee.

Oil services firm TechnipFMC (TFMC) has agreed to pay $296 million to resolve allegations that the company paid bribes in Brazil and Iraq.

TFMC is the product of a 2017 merger between two predecessor companies, Technip S.A. and FMC Technologies, Inc..

The admissions and court documents establish that beginning by at least 2008 and continuing until at least 2013, FMC conspired to violate the US’s Foreign Corrupt Practices Act (FCPA) by paying bribes to at least seven government officials in Iraq, including officials at the Ministry of Oil, the South Oil Company (SOC) and the Missan Oil Company (MOC), through a Monaco-based intermediary company in order to win secure improper business advantages and to influence those foreign officials to obtain and retain business for FMC Technologies in Iraq.

(Source: US Justice Dept)

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