Texas-based Hyperdynamics Corp. announced in late May that the DOJ concluded its FCPA investigation and will not bring charges against the company. In September 2013, the company received subpoenas from the DOJ and the Securities and Exchange Commission (SEC) requesting information in connection with its operations in Guinea, West Africa. According to the company’s 10-Q filed in November 2013, the investigation focused on whether the company’s “activities in obtaining and retaining the Concession rights and our relationships with charitable organizations potentially violate the FCPA and anti-money laundering statutes.” Charitable contributions are subject to the FCPA if they provide personal benefit to foreign officials in return for business advantages. The DOJ’s declination letter noted the company’s cooperation, stating that “the Department values cooperation with investigations, such as shown here.”
In its press release, Hyperdynamics stated that the SEC’s investigation has not yet been resolved.