Al Rushaid Pursues all Involved in Alleged Bribery Scheme

National Oilwell Varco, Bank Pictet and three former employees all sued by international oil & gas company.

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(PRWEB) November 21, 2013

The Appellate Court in New Orleans, USA, heard an appeal by National Oilwell Varco (NOV) on November 6 in a US$860 million law suit against it by Saudi Arabia company Al Rushaid Petroleum Investment Corp for allegedly paying secret commissions (Case No. 11-CV-3390 United States District Court, S.D. Texas, Houston Division see note 2 below).

The application by NOV related to the question whether an agreement to arbitrate existed between NOV and Al Rushaid, the preferred option for NOV as arbitration hearings are confidential.

This is the latest chapter in a saga involving several cases across the world including the employees who received the secret commissions, the companies that paid them, and also the Swiss private bank, Pictet & Cie, through which the commissions were allegedly paid.

Led by Gary Naftalis, co-chair and partner of Kramer Levin Naftalis & Frankel LLP, a well-known litigator of 40 years’ standing, Al Rushaid’s legal team filed a lawsuit in the New York State Supreme Court in Manhattan against Pictet & Cie in 2011 (The case is Rasheed Al Rushaid v. Pictet & Cie, 652375- 2011, New York State Supreme Court (Manhattan) see note 3 below), whilst the lawsuit against NOV for $860 million for its part in offering and paying the secret commissions was initiated in Houston in 2011 (see note 2 below).

In May this year, the High Court in London (Case No: HC1001303 see note 4 below) found against three former employees of Al Rushaid Parker Drilling, including the former chief finance officer of UK-based Cleveland Bridge Dorman Long Engineering, for receiving significant secret commissions from suppliers including NOV.

Al Rushaid is committed to stamping out all corruption in its supply chain, and continues to ensure that all parties to any secret commissions and other illegal payments are brought to justice.

Ends

Notes to editors
(1) Al Rushaid Parker Drilling is owned by Al Rushaid Petroleum Investment Company (http://www.al-rushaid.com), which also owns Cleveland Bridge Dorman Long Engineering (http://clevelandbridge.com/).
(2) RUSHAID v. NATIONAL OILWELL VARCO, INC.No. 11-CV-3390 United States District Court, S.D. Texas, Houston Division. View the court papers for the first hearing on March 18, 2013: http://www.leagle.com/decision/In%20FDCO%2020130405732
(3) The case is Rasheed Al Rushaid v. Pictet & Cie, 652375- 2011, New York State Supreme Court (Manhattan)
(4) The London High Court judgement Case No: HC1001303 can be viewed at http://www.bailii.org/ew/cases/EWHC/Ch/2013/1152.html (relevant section is paras 121 to 136).

For further information, please contact:
    Michael Hardware, Chelgate PR London, on +44 20 7939 7939 or +44 7775 925 274 or meh(at)chelgate(dot)com


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