Key Energy Services, an oilfield services company, disclosed in a securities filing this month that it has widened its initial probe into potential violations of the Foreign Corrupt Practices Act.
"In April 2014, the company became aware of an allegation involving Key's Mexico operations that, if true, could potentially constitute a violation of certain company policies, including our Code of Business Conduct, the U.S. FCPA, and other applicable laws," the company stated in a Form 8-K filing, dated June 4. No further details were provided on the matter.
Key Energy stated that it has formed a special committee of independent directors “to oversee the investigation of this matter, as well as the investigation of previously disclosed possible violations of the FCPA involving business activities of our operations in Russia, and any other resulting matters.”
As Compliance Week previously reported, the company voluntarily disclosed to the Securities and Exchange Commission and the Department of Justice in May other potential violations of the FCPA concerning business activities of Key Energy's operations in Russia.
Key Energy said it is “fully cooperating” with the SEC and Justice Department regarding the ongoing investigations in these countries. “However, at this time the company is unable to predict the ultimate resolution of these matters with these agencies.”
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