After Tidewater Inc agreed to pay more than $15million in relation to Foreign Bribery allegations an investigation on behalf of current long term investors in Tidewater Inc. (NYSE:TDW) concerning whether certain officer and directors can be held liable was announced.

About three years ago the U.S. Department of Justice begun looking into several customers of Swiss logistics company Panalpina Group concerning foreign bribery, including Tidewater, Royal Dutch Shell, Nabors Industries Ltd., Noble Corp., Pride International Inc., Transocean Ltd., and others.

Panalpina Group, which has 14,000 employees and branches in more than 80 countries, is a supplier of forwarding and logistics services, specializing in end-to-end supply chain management solutions and intercontinental air freight and ocean freight shipments. According to a recent Wall Street Journal report Panalpina Group is at the center of a sprawling probe into whether it paid officials in places including Nigeria, Saudi Arabia, Algeria and Kazakhstan to expedite services, such as clearing drilling rigs and other equipment through customs.

On November 4, 2010, the Wall Street Journal reported the logistics company admitted paying $27 million in bribes to foreign officials in several countries to expedite services for a raft of companies, including Pride International Inc., Royal Dutch Shell PLC, Tidewater Inc., Transocean Inc., GlobalSantaFe Corp. and Noble Corp. The Panalpina investigation came to light in 2007, after subsidiaries of Vetco International Ltd. pleaded guilty to paying $2.1 million in bribes to Nigerian customs officials through the Swiss logistics company. Vetco agreed to pay $26 million in criminal fines, the largest-ever FCPA penalty at the time.
Panalpina World Transport Holding Ltd., Royal Dutch Shell Plc, Transocean Ltd., Tidewater Marine International Inc. a wholly owned subsidiary of Tidewater Inc, Pride International Inc., GlobalSantaFe Corp., which merged with Transocean in 2007, and Noble Corp will pay $236.5 million to resolve a U.S. probe of overseas bribery. The U.S. will collect $156.5 million in criminal penalties and $80 million in civil sanctions for violations of the Foreign Corrupt Practices Act. Panalpina World Transport Holding Ltd agreed to pay a total of $81.9 million; Pride Intl.will pay $56.1 million; Royal Dutch Shell Plc will pay $48.1 million; Transocean/ GlobalSantaFe Corp will pay $20.6 million; Tidewater Marine International Inc will pay $15.7 million, and Noble Corp will pay $8.1 million; and GlobalSantaFe will pay $5.9 million, according to the Justice Department. The Panalpina investigation came to light in 2007, after subsidiaries of Vetco International Ltd. pleaded guilty to paying $2.1 million in bribes to Nigerian customs officials through the Swiss logistics company. Vetco agreed to pay $26 million in criminal fines, the largest-ever FCPA penalty at the time. Soon other companies began examining their relationship with Panalpina, as the SEC and DOJ expanded their investigation.

Tidewater Marine International, Inc, the wholly owned subsidiary of Tidewater Inc., will pay a $7,350,000 penalty and Tidewater settled with the SEC consenting to injunctive relief, disgorgement of $7,223,216, prejudgment interest of $881,146 and a $217,000 civil penalty for a grand total of $15,671,362 in criminal and civil sanctions.

The investigation by a law firm on behalf of current long term investors in Tidewater Inc. (NYSE:TDW) concerns whether certain officer and directors at Tidewater can be held liable in connection with the recent agreement to settle charges of possible violations of the U.S. Foreign Corrupt Practices Act (FCPA), which prohibits companies from making improper payments to foreign officials for the purpose of obtaining or keeping business.