Former Statoil Exec Doesn't Beat the Rap

Norwegian oil company Statoil?s former head of international operations Richard Hubbard will have to pay a fine imposed by Norwegian police for his role in a business deal with an Iranian consulting company Horton Investment Ltd, his lawyers said Monday.

Last week, Statoil said it would pay $3 million fine without admitting or denying guilt, rather than prolonging the case in court.

On Monday, Hubbard agreed to pay his own $30,300 for the same reasons. "After careful consideration, the decision is to accept the fine to put an end to this drawn-out case," his lawyers said in a statement.

Hubbard, then-board chairman Leif Terje Loeddesoel and chief executive Olav Fjell resigned in September 2003 during the investigation for alleged corruption.