Iran General News Norway's Statoil Accepts Fine in Iran Case

Norway’s Statoil Accepts Fine in Iran Case

-

AP: Statoil ASA on Thursday said it would accept a fine imposed by police for alleged corruption in Iran, but without admitting or denying any guilt in the case. In June, Norway’s economic crime police, Oekokrim, said a US$15.2 million consulting deal that Statoil ASA made with Iran’s Horton Investment Ltd. in June 2002 was an attempt to improperly influence Iranian oil officials. Associated Press

Statoil ASA on Thursday said it would accept a fine imposed by police for alleged corruption in Iran, but without admitting or denying any guilt in the case.

In June, Norway’s economic crime police, Oekokrim, said a US$15.2 million consulting deal that Statoil ASA made with Iran’s Horton Investment Ltd. in June 2002 was an attempt to improperly influence Iranian oil officials.

It levied fines of 20 million kroner (euro2.4 million, US$3 million) against Statoil, which the company’s board on Thursday said it would pay to avoid going to court.

“Statoil has accepted the penalty without admitting or denying the charges,” the company said in a statement. Statoil, which is state-controlled, has not been charged with any criminal wrongdoing in the case.

“Statoil accepts that there were violations of its own ethical policies and standards, and has taken a number of steps to prevent a similar situation from arising in the future,” the company added.

Statoil made the consulting agreement with Mehdi Hashemi Rafsanjani, the son of former Iranian President Hashemi Rafsanjani, though his name did not appear in the paperwork, Oekokrim said. That raised suspicions that the money might have been intended to influence Iranian public officials.

Former Statoil chief executive Olav Fjell resigned in September 2003 because of the deal, but was cleared of any wrongdoing in June. Hubbard and then-board chairman Leif Terje Loeddesoel also resigned last year because of the scandal.

The deal is also being investigated by the U.S. Securities and Exchange Commission and by the U.S. Department of Justice.

Statoil was founded in 1972 to oversee Norway’s oil interests. It was partly privatized in 2001 when the state sold 17.5 percent of its shares to investors.

Latest news

Violence Against Women Still Going Strong in Iran

November 25 was the International Day for the Elimination of Violence against Women, but for Iranian women that is...

Iranian Authorities Use Coronavirus as a Political Reason

In Iran, every political, social, and economic issue becomes a confusing mess. Due to the government's perspectives, all the...

Iran Diplomat on Trial for Terrorism

Friday, November 27, 2020, is a day that will go down in the history books as the first time...

Iranian Officials Deceptively Play with Unemployment Statistics

The Iranian government's corrupt and incompetent officials have presented a new show with their lies about the statistics of...

Mandatory Hijab State-Sponsored Violence Against Women in Iran

The Iranian government's most prevalent form of violence against women is the mandatory hijab. In this respect, 100 percent...

Why the World Rejects Iran as an Economic Partner?

It took ten years for 15 Asia-Pacific countries to agree on a trade agreement. Last week, China and 14...

Must read

Robson not for turning by offer from Iran

The Times: SIR BOBBY ROBSON was at the centre...

Russian officials in Iran to boost economic ties

AP: Russian officials have traveled to Iran's capital to...

You might also likeRELATED
Recommended to you