(Reuters) — The U.S. Securities and Exchange Commission said on Monday that Legg Mason Inc. will pay more than $34 million to resolve a charge it violated the Foreign Corrupt Practices Act in bribing Libyan officials to secure investments.
The SEC said that between 2004 and 2010, a former Legg Mason asset management subsidiary, Permal Group Inc., partnered with a French financial services company in paying bribes to solicit investment business from Libyan state-owned financial institutions.
The SEC fine is the second half of a settlement announced by the Department of Justice in June.
"We do not expect the payment to have any impact on future investment and operations. We are pleased that this matter with the SEC is now concluded," a spokeswoman for Legg Mason said in an email.
Singapore-based offshore rig construction firm Keppel Offshore & Marine Ltd. has agreed to pay a penalty of more than $422 million to resolve bribery charges with authorities in the United States, Brazil and Singapore, World Maritime News reported. Investigations revealed that "KOM made corrupt payments to officials of Brazil-based oil company, Petroleo Brasileiro S.A., and other parties to win contracts with Petrobras and its related companies," said Singapore's Attorney-General's Chambers and the Corrupt Practices Investigation Bureau.