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SEC v. Triton Energy Corporation, Philip W. Keever, and Richard L. McAdoo

 
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Triton -- Keever, Philip W.
:
SEC Civil
:
February 27, 1997
:
SEC v. Triton Energy Corporation, Philip W. Keever, and Richard L. McAdoo
:
SEC v. Triton Energy Corporation, Philip W. Keever, and Richard L. McAdoo, No. 97-CV-00401, (D.D.C. 1997)
:
See Triton -- Triton Corp matter herein.
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Energy (Non-Utility)-Oil & Gas-Exploration/Production
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Indonesia
:
1989; 1990
:
Indonesian finance ministry and state oil company auditors
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Triton Indonesia, a wholly owned subsidiary of Triton Energy Corp., whose assets were sold in 1996, entered into a joint venture agreement with Nordell Int'l Resources Ltd. whereby it became operator of an oil and gas recovery project in the Enim oil fields on Sumatra, Indonesia, assuming all operational and financial control over the project. The joint venture's activities in Indonesia were supervised by Pertamina, an Indonesian national oil company, and its books and records were audited by auditors from Pertamina and the Indonesian Ministry of Finance audit branch, BPKP. Because of poor record keeping predating Triton's involvement in the joint venture, Triton had difficulty obtaining certification of unrecovered costs from that period. In 1988, Triton Indonesia and Nordell retained a business agent to act as an intermediary with Pertamina and the Ministry of Finance. Triton, through the authorization of Phillip Keever, former President of the company, allegedly made a number of improper payments to the business agent for the purpose of influencing Indonesian officials with regard to decisions affecting Triton Indonesia's business. Keever was also alleged to have concealed these payments by falsely documenting and recording the transactions as standard business expenditures. Keever consented, without admitting or denying the allegations in the complaint, to a final judgment that permanently enjoined him from violating the books and records and foreign corrupt practices provisions of the Exchange Act, in addition to paying a $50,000 penalty.
:
Anti-bribery (Issuer), Books and records (Individual), Internal Controls (Individual)
:
Civil penalty, Injunction/Cease and desist
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Keever agreed to pay a $50,000 penalty.
:
50,000
:
0
:
Officer of Issuer
:
General Manager, President
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U.S.
:
Contract Procurement/Retention, Tax
:
Not stated.
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Customs Broker or Agent/Consultant
:
450,000
:
No
:
No