April 18, 2021

Global energy transporter discloses DOJ and SEC investigations into possible FCPA violations

On April 16, 2021, Tsakos Energy Navigation Ltd, an independent transporter of energy headquartered in Greece, disclosed in a securities filing that in 2020 it had launched an internal investigation—in parallel with investigations by the US Department of Justice and US Securities and Exchange Commission—into possible violations of the US Foreign Corrupt Practices Act.  According to Tsakos’s Form 20-F, Brazilian enforcement authorities have “charged certain shipbrokers with various offenses in connection with charters entered into” between various shipowners and Petróleo Brasileiro S.A., the Brazilian state-owned oil company.  This, in turn, led to investigations by the DOJ and the SEC to determine whether the circumstances surrounding the charters entered by these brokers failed to comply with the FCPA.  
In its filing, Tsakos expressed its commitment to conduct its operations in compliance with anti-corruption laws, and stated it was cooperating with the DOJ’s and the SEC’s investigations. 

Form 20-K