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National Oilwell Varco settles sanctions violations case

Published 11/14/2016, 06:56 PM
National Oilwell Varco settles sanctions violations case
NOV
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  • National Oilwell Varco (NYSE:NOV) disclosed that week that it agreed to pay $25M to settle with the Justice Department and other U.S. authorities over allegations of sanctions violations that date back to 2002; the U.S. Treasury Department’s Office of Foreign Assets Control today released related documents.
  • NOV allegedly approved at least four commission payments by a subsidiary to a U.K.-based entity related to the sale and export of the unit’s goods to Iran, and ignored several warning signs over a three-year period that approving the payments was prohibited.

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