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Panalpina, Shell Settle Bribe Probe for $236 Million

Panalpina World Transport Holding Ltd., a Swiss freight forwarding company, Royal Dutch Shell Plc, and five oil services companies will pay $236.5 million to resolve a U.S. probe of overseas bribery.

Panalpina admitted today it paid thousands of bribes to African, Asian and South American officials on behalf of its customers in the oil and gas industry, according to a U.S. Justice Department statement. A U.S. subsidiary, Panalpina Inc., agreed to plead guilty. The payments resolve investigations by prosecutors and the U.S. Securities and Exchange Commission.