Company reaches agreement with U.S. over alleged sanctions violations

11/27/2013 | New York Times (tiered subscription model), The

Swiss oil and gas services company Weatherford International will pay more than $250 million to settle a range of claims about its business practices, the Securities and Exchange Commission said. The company faces allegations that it flouted sanctions on Iran and engaged in bribery in other regions of the world. Weatherford allowed the use of "bribes and improper travel and entertainment for foreign officials in the Middle East and Africa to win business," the SEC said.

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