Anyone heard about this ?!
8 replies (most recent on top)
Not to let this happen in future? next investigation coming soon .. be ready for it !
We do not sell to any sanctioned countries including Iran. It is possible that some material ends up there because customers can lie and divert it without telling us. NOV made a lot of changes to their compliance programs once that investigation began. NOV cooperated with the Govt to sort out what happened and how to not let it happen in the future.
Companies who has access into Iranian market should be looked into especially their logistics or pseudo companies that take care of those transactions..
You would think that if you were charged $25M for selling into sanctioned countries like Sudan, Iran and Cuba that management would make a large announcement to cease and that anyone with knowledge of more needs to speak up immediately so to avoid another fine because the next one will certainly be more.
Tubular Products from NOV in Russia
I heard there is more... above news related to old deals..
http://www.willkie.com/~/media/Files/Publications/2016/12/National_Oilwell_Varco_Inc_Fined_Over_25_Million.pdf
Would not be the first time
I wouldn't think so,would be bad ethics.