The SEC announced last week a $5 million FCPA settlement with Vantage Drilling International (“Vantage”), a Texas-based offshore drilling company. The violations involved Vantage’s predecessor company, Vantage Drilling Company (“VDC”), for transactions with its former outside director, largest shareholder and only supplier of drilling assets, and for failure to implement appropriate controls for its third-party marketing agents. The Justice Department closed its related investigation. The...
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