SBM Offshore: Judge Confirms Settlement

SBM Offshore N.V revealed Wednesday that a judge has confirmed an out of court settlement involving the company’s CEO Bruno Chabas and Supervisory Board member Sietze Hepkema, following allegations of corruption made against the pair by the Brazilian Public Prosecutor’s Office.

It was announced Jan. 25 that Chabas and Hepkema had decided to accept the Public Prosecutor's proposal for an out-of-court settlement, on a no admission of guilt basis, after allegations made against them Dec. 17, 2015. The settlement was still subject to confirmation by the judge handling the case.

As a result of the settlement, Chabas and Hepkema will have to pay 250.000 Brazilian Reals (approximately US$60,000) each. SBM has already stated that it will pay the settlement.

Commenting on the matter, SBM said in a company statement in January:

“The company emphasizes that this settlement does not involve an admission of guilt and remains of the opinion that the accusations are without merit”. However, SBM Offshore also believes that accepting the settlement offers a pragmatic opportunity to expeditiously resolve this matter that avoids long and costly legal proceedings and allows the company’s management team to concentrate on the business.”



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Total Sells Gabon Assets to Perenco fo... (Feb 27)
 -  Transformative Role of 3D Printing in ... (Feb 27)
 -  Roxi, Baverstock Looking to Merge Erag... (Feb 27)
 -  EASA Issues EC 225 LP Helicopter Airwo... (Feb 27)
 -  Lundin Norway Makes Oil, Gas Find in B... (Feb 24)


Most Popular Articles

From the Career Center
Jobs that may interest you
Senior Expeditor
Expertise: Supply Chain Management
Location: Houston, TX
 
Regulatory Specialist - Delaware Basin Regulatory Affairs
Expertise: Regulatory Compliance
Location: Midland, TX
 
Sr Regulatory Permiting Analyst - Delaware Basin Regulatory Affairs
Expertise: Regulatory Compliance
Location: Midland, TX
 
search for more jobs

Brent Crude Oil : $55.99/BBL 1.04%
Light Crude Oil : $53.99/BBL 0.84%
Natural Gas : $2.63/MMBtu 0.38%
Updated in last 24 hours