Washington, May 8 (IANS) The US Justice Department imposed a fine exceeding $232 million on a subsidiary of oilfield services firm Schlumberger for facilitating illegal trade with Iran and Sudan and trying to disguise the transactions. Schlumberger Oilfield Holdings Ltd. pleaded guilty to conspiring to violate the International Emergency Eco**mic Powers Act authorising the White House to regulate commerce with countries after declaring an emergency based on unusual or extraordinary threats to the US that arise abroad. Trade with Iran and Sudan is specifically barred under the act, reports Efe. The penalty of $232,708,356 is the largest ever imposed on a company for violating the IEEPA and, in ack**wledging its guilt, the oil services giant agreed to cease all its commercial operations with Iran and Sudan, as well as to turn over to US authorities all information they request about those activities.
05-21-2015, 01:11 PM
US fines oil giant for doing business with Iran, Sudan
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