Vantage Drilling Company Common Shares (VTGDF)

[Papa_Francisco]

Vantage Drilling agrees $5M settlement to Petrobras probe...

Vantage Drilling (OTCPK:VTGDF) agrees to pay $5M in a settlement with the SEC over accounting control deficiencies at its predecessor company that violated the Foreign Corrupt Practices Act.

The case arose from allegations of improper payments made in 2009-10 by a former Vantage director to former Petrobras (NYSE:PBR) officials relating to the contracting of a drillship; the Brazilian company canceled the contract in 2015, which played a role in Vantage filing for bankruptcy.

The SEC says Vantage failed to devise a system of internal accounting controls regarding its former director and failed to implement internal controls relating to its use of third-party marketing agents.