Panalpina, U.S. Justice near settlement

Panalpina, U.S. Justice near settlement    Global logistics company Panalpina said Wednesday it is nearing a settlement with the U.S. Justice Department over a two-year investigation into some of the companies activities in Nigeria.
   Panalpina said in July 2007 that it was assisting the Justice Department by providing documents and other information related to customers suspected of improper payments to Nigerian officials to secure preferential customs treatment. The investigation later spread to Panalpina customers in Kazakhstan and Saudi Arabia. In September 2007, the company suspended some of its Nigeria operations.
   'Panalpina's compliance initiatives include the decision to close its Nigerian organization and restructure its operations in West Africa,' the company said Tuesday. 'It is inherent to Panalpina's business philosophy to owe its customers the highest level of trust and reliability.
   'Last week, Panalpina commenced settlement discussions with the U.S. Department of Justice,' the company said in a statement. 'This process may take several months until finalization. Panalpina's investigation into the company's compliance with the (Foreign Corrupt Practices Act), which has been conducted in coordination and full cooperation with the DOJ, is drawing to a close. For almost three years, in-depth reviews of operational activities in several countries, among them difficult markets in West Africa and Central Asia, have been conducted.'