Last week, Panalpina commenced settlement discussions with the U.S. Department of Justice (DOJ). This process may take several months until finalization. Panalpina’s investigation into the company’s compliance with the FCPA, which has been conducted in coordination and full cooperation with the DOJ, is drawing to a close. For almost three years, in depth reviews of operational activities in several countries, among them difficult markets in West Africa and Central Asia, have been conducted.
As part of its numerous initiatives to strengthen and expand compliance on a global level, Panalpina’s Compliance Department has played an active role in critical aspects of the investigation under the oversight of outside counsel and in coordination with the DOJ. In the course of these proceedings the DOJ has met with the Compliance Department and has received updates on the company’s compliance programs and their implementation.
Panalpina’s compliance initiatives include the decision to close its Nigerian organization and restructure its operations in West Africa. It is inherent to Panalpina’s business philosophy to owe its customers the highest level of trust and reliability. Panalpina’s efforts have meanwhile been applauded by major customers.
Further information will be provided as soon as available.