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 on Thursday.

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 regulatory filing.

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 mengqi.sun@wsj.com

 

(END) Dow Jones Newswires

February 26, 2021 14:11 ET (19:11 GMT)

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