Oil giant Total to pay $245 million in bribe case

AP News
Posted: May 29, 2013 11:59 AM

ALEXANDRIA, Va. (AP) — The French oil giant Total has agreed to pay $242.5 million to settle criminal charges alleging the company paid bribes to win lucrative contracts in Iran.

Court papers indicate Total paid $60 million in bribes between 1995 and 2004 that allowed it to re-enter the Iranian oil and gas market.

The case was jointly pursued by the U.S. and French governments. French authorities said Wednesday they have requested the company and its CEO face criminal charges there for violating anti-bribery laws.

Also, the U.S. Securities and Exchange Commission entered into an order against Total requiring it to pay an additional $153 million.

The investigation against Total has been ongoing. Last year the company announced it had set aside hundreds of millions of dollars in light of the U.S. investigation.