El Paso Corp.

Houston, TX: (Feb-07-07) A lawsuit filed by the US Securities and Exchange Commission (SEC) against El Paso Corp. under the Foreign Corrupt Practices Act, accused the company of illegal surcharges paid to Iraq related to the United Nations Oil for Food Program. The SEC said El Paso's accounting for its Oil for Food transactions failed to record the nature of the payments. Without admitting or denying the allegations, El Paso will pay $5.48 million in disgorgement of profits and a $2.25 million civil penalty, according to the settlement. El Paso will forfeit the $5.48 million according to a non-prosecution agreement with the US Attorney's Office for the Southern District of New York. [HOUSTON BUSINESS JOURNAL: EL PASO SURCHARGES]

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