John Wood Group Reserves $46M To Settle Bribery Probes

Law360, London (March 12, 2020, 12:20 AM GMT) -- Oilfield services firm John Wood Group PLC expects it will cost $46 million to settle investigations by authorities in the U.S., Brazil and Scotland into potential bribery at a Wood Group subsidiary.

The U.S. Securities and Exchange Commission is one of the authorities probing oilfield services company John Wood Group. (AP) The company disclosed the figure to investors in a report of its 2019 year-end financials on Tuesday, saying that talks with the U.S. Department of Justice, the U.S. Securities and Exchange Commission and three international regulators had progressed to a point where settlements appeared feasible at that cost.

"Achieving resolution...

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