OIL COMPANY FIRST MAJOR VICTIM OF CANADIAN FOREIGN BRIBERY LAW
July 1st, 2011
BY KEITH NUTHALL
A CANADIAN oil company has been subject to the first major conviction under the country's 1999 Corruption of Foreign Public Officials Act. Calgary-based Niko Resources pleaded guilty to bribing a Bangladeshi energy minister, being fined Canadian dollars CAD9.49 million (USD9.99 million). Niko CEO Ed Sampson said the company had appointed a chief compliance officer "to ensure that something like this doesn't happen again." The law outlaws bribing public officials, laundering the proceeds and possessing them in Canada. Enforced by the ...
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