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| Panalpina commenced settlement discussions with the US Department of Justice | 12/09/2009
| The investigation by the global forwarding and logistics Group Panalpina in connection with alleged violations of the Foreign Corrupt Practices Act (FCPA) mainly in Nigeria is nearing completion. |
| | 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.
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| The Panalpina Group
The Panalpina Group is one of the world's leading suppliers of forwarding and logistics services, specializing in end-to-end supply chain management solutions and intercontinental air freight and ocean freight shipments. Thanks to its in-depth industry know-how and state-of-the-art IT systems, Panalpina provides globally integrated door-to-door forwarding services tailored to its customers' individual needs. The Panalpina Group operates a close-knit network with some 500 branches in over 80 countries. In a further 80 countries, it cooperates closely with partner companies. Panalpina employs approximately 13,500 people worldwide. |
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