ADMINISTRATIVE PROCEEDING
File No. 3-97397

April 26, 2023 - The Securities and Exchange Commission today announced settled charges against Frank's International N.V., now known as Expro Group Holdings N.V., for violating the anti-bribery, books and records, and internal accounting controls provisions of the Foreign Corrupt Practices Act. Frank's International was a Dutch corporation and global oilfield services provider. The SEC found that Frank's International's subsidiaries used an agent to pay bribes in connection with Angolan contracts.

According to the SEC's order, from approximately January 2008 through October 2014, Frank's International's subsidiaries paid commissions to an Angolan sales agent when its subsidiary employees knew that there was a high probability that the agent would use the commissions to bribe Angolan government officials. The order further alleges that the agent diverted some of those funds to an Angolan government official to influence the award of contracts to Frank's International's subsidiaries. According to the order, Frank's International lacked adequate internal accounting controls related to the retention and payment of its agents that interacted with foreign government officials.

The SEC's order finds that Frank's International violated the anti-bribery, books and records, and internal accounting controls provisions of Sections 30A, 13(b)(2)(A), and 13(b)(2)(B) of the Securities Exchange Act of 1934. Without admitting or denying the findings, Frank's International has agreed to cease and desist from committing or causing any future violations of these provisions. The company has also agreed to pay disgorgement plus prejudgment interest totaling $4,998,721 and a $3,000,000 civil penalty.

The SEC's investigation was conducted by Jason Rose and Maria F. Boodoo and supervised by Samantha Martin.