Friday, June 24, 2011

Guilty of Bribery

Not just bribery, but bribery with the goal of avoiding compensating poverty stricken villagers they had poisoned.
A Calgary energy company pleaded guilty on Friday to bribing a foreign government official six years ago.

Niko Resources Ltd. is an oil and gas producer with operations in Southeast Asia.

The firm was charged under the Corruption of Foreign Public Officials Act.

Company officials admitted in a Calgary court that the firm bribed a Bangladeshi government minister in 2005 following a blowout at one of its fields.

The company provided a vehicle and free trips to Canada and the U.S. to the government official who was in charge of how much nearby villagers would be compensated by Niko for the blowout.

Both the Crown and defence lawyers are recommending a fine and victim surcharge amounting to almost $9.5 million.
Their CEO was the highest paid executive in Canada last year.  Someone should do a study on the linkages between executive compensation and corporate cultures of corruption.

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