US prosecutors have dropped their corruption investigation into Cobalt International Energy (NYSE:CIE) five years after the Houston-based oil explorer’s local partner in an Angolan deal was revealed to have been secretly owned by top officials from the African nation.
Cobalt said on Wednesday that it had received a letter from the US Department of Justice stating that it had closed its probe of the company’s Angolan operations under the Foreign Corrupt Practices Act, which makes it a crime to pay or offer anything of value to a foreign official to win business.
Cobalt shares were up 5.2% at $0.82 on Thursday. Earlier, the shares were as much as 10.3% higher.
Story by ProactiveInvestors