BHP reveals more details of corruption investigation
Multinational mining company BHP Billiton has released a statement regarding the potential legal action it is facing from US authorities over a possible breach of anti-corruption laws.
BHP has previously disclosed it is being investigated by the Securities and Exchange Commission regarding now-terminated exploration and development efforts, as well as hospitality provided as part of the company's sponsorship of the 2008 Beijing Olympics.
In April 2010, it said it was being investigated over potential violation of anti-corruption laws regarding interactions with government officials.
Here is today’s statement in full.
As previously disclosed BHP Billiton received a request for information in August 2009 from the US Securities and Exchange Commission (SEC). As a result the Group commenced an internal investigation and disclosed to relevant authorities including the U.S. Department of Justice (DOJ) evidence that it uncovered regarding possible violations of applicable anti-corruption laws involving interactions with foreign government officials. As has been publicly reported, the Australian Federal Police has indicated that it has commenced an investigation. The Group is fully cooperating with the relevant authorities as it has since the US investigations commenced.
As a part of the US process, the SEC and DOJ have recently notified the Group of the issues they consider could form the basis of enforcement actions and discussions are continuing. The issues relate primarily to matters in connection with previously terminated exploration and development efforts, as well as hospitality provided as part of the Company’s sponsorship of the 2008 Beijing Olympics.
In light of the continuing nature of the investigations it is not appropriate at this stage for BHP Billiton to comment further or to predict outcomes. BHP Billiton is fully committed to operating with integrity and the Group’s policies specifically prohibit engaging in unethical conduct. BHP Billiton has what it considers to be a world class anti-corruption compliance program.