Bribery by Oil Services and Freight Forwarding Companies (Panalpina et. al)- Summary of Law Enforcement Action

On November 4, 2010, Panalpina World Transport entered into a deferred prosecution agreement with DOJ, pleaded guilty to the criminal charges and settled civil complain with the SEC. The freight forwarder admitted that it had helped certain customers in the oil and gas industry disguise bribes paid to foreign customs officials.