Baker Hughes Says It Faces Sanctions-Related SEC Probe
By Mengqi Sun
Baker Hughes Co. has disclosed that the Securities and Exchange
Commission is conducting an investigation into the energy company's
role in projects affected by U.S. sanctions.
The Houston-based company said it was notified in December that
the regulator is conducting a formal investigation related to the
company's books and records and internal controls concerning sales
of products and services in projects affected by U.S. economic
sanctions, according to the company's 2020 report filed to the SEC
Baker Hughes said in the filing that it is cooperating with the
SEC investigation. The company also has launched its own review of
internal controls and compliance with U.S. sanctions requirements,
with the help of external legal counsel, according to the
A company spokesman declined to comment.
Baker Hughes said the SEC investigation and its internal review
are ongoing and couldn't predict the timing, outcome or impact of
the investigation, according to the filing. The company said in the
filing that it maintains a comprehensive global ethics and
compliance program, including internal policies and procedures to
prevent, detect and respond to possible violations related to
economic sanctions and an independent compliance team.
Write to Mengqi Sun at firstname.lastname@example.org
(END) Dow Jones Newswires
February 26, 2021 14:11 ET (19:11 GMT)
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