Verdict Reached By The Norwegian Court
On June 29, 2004 Statoil was found guilty of corruption by the Norwegian courts and ordered to pay NOK 20 million in fines. Director for international operations Richard John Hubbard was also ordered to pay NOK 200,000 in fines for his involvement in the case. The uncovering of the corruption scandal also led to the resignation of Statoil Chairman Leif Terje Løddesøl, Statoil CEO Olav Fjell and Director for international operations Richard John Hubbard. The charges against Olav Fjell was dropped due to insufficient evidence. Statoil did agree to pay the fines, but insisted that this did not imply any admittance of guilt on their part.
Read more about this topic: Statoil Corruption Case
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