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March 23, 2004

When DOJ voids leniency deals

As reported yesterday, Stolt-Nielsen S.A. has disclosed that the Antitrust Division of the U.S. Department of Justice has voided its conditional leniency agreement with the company and revoked Stolt-Nielsen's conditional acceptance into the division's corporate leniency program.

In a press release issued yesyerday that made no specific reference to Stolt-Nielsen, the Department of Justice said: "All companies that apply to the Corporate Leniency Program must meet certain requirements and make accurate representations to the Division. Corporate applicants are accepted on a conditional basis. As part of its enforcement efforts, throughout the investigation, the Division verifies the representations of the corporate leniency applicant. At any time throughout the process, the Division may expel an applicant after concluding that a company has made false representations to the Division or has otherwise not fully complied with the leniency policy requirements."

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