Vitol Brazil Corruption

On 4 March 2016, former Brazilian president Luiz Inácio Lula da Silva was detained and questioned for three hours as part of the fraud inquiry into the dealings of Petrobras, and his house raided by federal police agents. 1b comprised of RM230. Vitol was contacted in September 2018 by Global Witness and has since liaised extensively with it. Maurel, Famfa and Seplat did not respond for requests for comment. For fifty years, Public Eye has offered a critical analysis of the impact that Switzerland, and its companies, has on poorer countries. UL], Trafigura [TRAFGF. rs/2zWgcLA (Updates paragraph 30 to add that Ljungberg has already been charged in a separate. By Ricardo Brito and Gram Slattery. Petrobras is expected to make a decision by the end of May. RIO DE JANEIRO (Reuters) - Brazil's Petroleo Brasileiro SA drew plaudits from investors last month for announcing a plan to sell off eight of its refineries in a process the company says could. RIO DE JANEIRO/BRASILIA (Reuters) - The chief executive of a natural gas pipeline unit of Brazilian state oil firm Petrobras (SA:PETR4) has been …. com provides business and credit information about Luxembourg firms. authorities are stepping up their involvement in the trading fraud case, the latest twist in Brazil's sweeping "Car Wash" corruption probe. GENEVA (Reuters) - Swiss authorities are assisting Brazilian prosecutors in their investigation into an alleged corruption scheme involving global commodity trading firms Vitol, Glencore and Trafigura, a spokesman for the Office of the Attorney General of Switzerland said on Monday. While these 10 facts about corruption in Brazil paint a picture of the extent of the problem, one cannot overstate corruption's tangible impact on the lives of everyday Brazilians. In December, Brazilian prosecutors charged intermediaries linked to Vitol, Trafigura and Glencore Plc of arranging more than. World's Top Oil Trader to Raise Stake in Pakistan Fuel Retailer A Vitol spokeswoman in London declined to comment. A Brazilian man facing allegations of bribing officials at state-run oil company Petroleo Brasileiro SA on behalf of Vitol Group , Glencore and other major oil trading firms has been arrested in. When Brazil’s then-president Dilma Rousseff was impeached in August 2016 on corruption charges, an end to the decade-plus rule of the left in the country, under her Workers’ Party, appeared. The TXF Daily podcast brings you latest export, trade and commodity finance updates from across the globe. In a statement, Vitol said it would not be appropriate to comment on Herz's testimony "beyond reiterating our zero tolerance policy in respect of bribery and corruption" and cooperating fully with. This deal valued at $1. The findings, interpretations, and conclusions expressed in the Database do not necessarily reflect the views of the Executive Directors of The World Bank. Justice Department is investigating a former U. Vitol said it has a “zero tolerance” policy with respect to bribery and corruption and that it is cooperating with authorities. Dennis Montgomery, Of Counsel to the Dentons Moscow Banking and Finance Team, is a senior English-qualified lawyer with extensive magic circle experience in London, Moscow and the Middle East. SAO PAULO/LONDON: Brazil's epic "Car Wash" corruption investigation has taken down presidents and elite businessmen, and led to the largest corporate leniency deal ever signed. Former Brazilian President Michel Temer was arrested on Thursday on corruption charges, a dramatic development in a sprawling corruption probe that has roiled Brazil has showed no sign of slowing. The Oil-for-Food Programme (OIP), established by the United Nations in 1995 (under UN Security Council Resolution 986) was established to allow Iraq to sell oil on the world market in exchange for food, medicine, and other humanitarian needs for ordinary Iraqi citizens without allowing Iraq to boost its military capabilities. We live in a different world now. 16% the state-run energy giant is portraying itself as the victim of colluding contractors who. Separately, Petrobras, the largest company in Brazil and Latin America by market capitalization, announced a business plan calling for $26. -based oil trader for Brazil's Petrobras already charged in his home country with taking part in a corruption scheme involving. And one of the pending transactions to be affected is the sale by Brazil's state-owned oil firm, Petrobas of its stake in some Nigerian oil fields. soil and money was laundered through American and European banks, which could greatly widen the probe. Former Brazilian President Michel Temer was arrested on Thursday on corruption charges, a dramatic development in a sprawling corruption probe that has roiled Brazil has showed no sign of slowing. National estimates are based on population-weighted subgroup estimates from household surveys. Justice Department is investigating a former U. Vitol has agreed to acquire 50% of Brazilian downstream company Rodoil for an undisclosed sum. L) paid more than $30 million in bribes to employees at state-owned Brazilian company Petrobras in a scheme that may still be going on, prosecutors said on Wednesday. 2 million in penalties to resolve the U. SINGAPORE: Oil prices will likely range between the low US$50s and low US$60s a barrel in 2017 and are unlikely to hit $70 a barrel due to excess supply, the Asian head of energy and commodities. Vitol bribery case in Brazil sees 12 charged for graft. RIO DE JANEIRO/SAO PAULO—Trading giants Vitol, Trafigura, and Glencore paid over $30 million in bribes to employees at state-owned oil company Petroleo Brasileiro SA, Brazil prosecutors said on. In a statement, Vitol said it would not be appropriate to comment on Herz's testimony "beyond reiterating our zero tolerance policy in respect of bribery and corruption" and cooperating fully with. A Vitol spokesman said the firm "has a zero tolerance policy in respect of bribery and corruption and will always cooperate fully with the relevant authorities in any jurisdiction in which it. NGOs active in anti-corruption campaigns have been calling on regulators and Swiss authorities to investigate the use of middlemen to secure lucrative deals in oil rich countries. Andrade Gutierrez Engenharia, a construction company, has signed a 1. Netherlands-based Vitol bought 50 percent of Rodoil in October and Glencore bought 78 percent of Ale Combustiveis this year. The case is yet to be tried, and Ljungberg - now living in Sweden - had not filed a defence by the time of publication. Of course the Olympics are corrupt. New corruption probe a blow for Glencore Brazilian oil bribery suspect linked to Vitol and Glencore arrested in US. But graft allegations lodged by prosecutors last week against four of the world's largest oil trading companies - Vitol SA, Trafigura, Glencore. Mercuria, Vitol and Glencore said they would cooperate with the Brazilian investigation, while Trafigura said it was reviewing the allegations. The Swiss are assisting Brazilian prosecutors investigating alleged bribery and corruption links to Vitol, Trafigura and Glencore. Corruption of Vitol, Glencore, Trafigura at PDVSA dwarfs all others 1 month ago By Alek Boyd Reuters posted an "exclusive" yesterday about corruption in Brazil that's been in the public domain for a while. While Nigeria is still struggling to untie the legal knots around the controversial P&ID gas and supply processing agreement (GSPA), another sloppy deal has boxed the country into. December 21st, 2018 Americas, South America. The biggest independent oil and metals trading houses are facing bribery and corruption investigations in jurisdictions ranging from Brazil to Switzerland and most importantly the U. Trafigura, Mercuria and Vitol said they have a. News search results. When you upgrade to Crunchbase Pro, you can access unlimited search results, save your dynamic searches, and get notified when new companies, people, or deals meet your search criteria. Trafigura is the third-largest physical commodities trading group in the world behind Vitol and Glencore. GENEVA – Swiss authorities are assisting Brazilian prosecutors in their investigation into an alleged corruption scheme involving global commodity trading firms Vitol, Glencore and Trafigura, a spokesman for the Office of the Attorney General of Switzerland said on Monday. UPDATE 3-Brazil police raid investment bank BTG Pactual, shares fall 14% to Vitol SA last year. Vitol in Brazil bribery probe. This deal valued at $1. See a detailed guide to ARW here. It added: "Vitol will always co-operate fully with the relevant authorities in any jurisdiction in which it. Brazilian prosecutors last week levelled corruption charges against two former Trafigura executives. According to Wikipedia, Nigeria National Petroleum Corporation, NNPC was established on 1 April 1977 as a merger of the Nigerian National Oil Corporation and the Federal Ministry of Mines and Steel. are being investigated by the Federal Bureau of Investigation, Reuters reports Wednesday, citing "two sources with direct knowledge of the matter. Peak Oil News and Message Boards is a community and collaboration portal about energy-related topics. UL] and Glencore paid more than $30 million in bribes to employees at state-owned Brazilian company Petrobras in a scheme that may still be going on, prosecutors said on Wednesday. Justice Department is investigating a former U. Brazilian prosecutors have expanded the sweeping "Lava Jato" investigation into corruption at state oil firm Petrobras,?and are now looking at two Seven Shipping Firms Implicated in Petrobras. Twenty-five years ago, when Transparency International was founded, corruption was seen as the necessary price of doing business and something so deeply ingrained that exposing and fighting it was regarded as futile and even harmful. An official from Hascol didn’t immediately respond to a request for a comment. This is the fifth time this general post has appeared on FCPA Professor (see here, here, here, and here for prior posts). The scale of corruption in Brazil is immense, but largely under-reported in the media and historically not investigated, prosecuted or punished, so it is difficult to estimate just how large the problem is. Vitol in Brazil bribery probe. Global demand in electric cars is expected to hit new highs in 2018, as China, India and Norway take the lead with new government initiatives. A consortium led by top oil trader, Vitol has agreed to acquire 50 percent stake in Brazilian Petroleo Brasileiro SA’s (Petrobras) offshore fields in Nigeria. The FBI's targeting of the Vitol executives is the second recent sign that U. The companies also said that they have zero tolerance policies for corruption and bribery. SAO PAULO: Brazilian federal prosecutors on Thursday charged 12 people in connection with an alleged bribery scheme meant to benefit the giant oil trader Vitol SA at the expense of Brazil's state. Petrobras is currently under investigation by the CVM, the SEC, the U. 14 December 2018, News Wires — Brazil's epic "Car Wash" corruption investigation has taken down presidents and elite businessmen, and led to the largest corporate leniency deal ever signed. It added: “Vitol will always co-operate fully with the relevant authorities in any jurisdiction in which it. While HSBC is pleased to offer this Beyond Banking article as an educational service to our customers, HSBC does not guarantee, warrant or recommend the opinion or advice or the product and/or services offered or mentioned in this article. On March 6, Brazil's Supreme Court (STF) disclosed an initial list of 54 top politicians approved for formal investigations in connection with Petrobras corruption, including the president of the Senate Renan Calheiros, the president of the Chamber of Deputies Eduardo Cunha, and the notorious ex-Minister of Mines and Energy, Edison Lobão. Andrade was charged in Brazil for acting as a middleman between top executives at Vitol, allegedly funneling bribes to Petrobras officials in exchange for sweetheart deals from the state-run firm. Prosecutors on Friday alleged the executives, Mariano Marcondes Ferraz and Marcio Pinto de Magalhães, paid bribes of about $1. The terror group, Islamic State ‘already has a new leader’ barely a day after former chief Abu Bakr al-Baghdadi blew up himself. -based oil trader for Brazil's Petrobras already charged in his home country with taking part in a corruption scheme involving. Mercuria has denied wrongdoing. 5m to employees of Petrobras, the state-owned oil company at. 2 million in penalties to resolve the U. Vitol, Glencore and Trafigura feature in report by campaign group Global. Brazilian Prosecutors have also implicated two executives in what many say is one of the biggest international corruption cases. Mercuria, Vitol and. But graft allegations lodged by prosecutors last week against four of the world’s largest oil trading companies - Vitol SA [VITOLV. Brazilian prosecutors have also charged two former executives of commodities trading giant Trafigura with corruption, and investigations targeting other large companies such as Vitol and Glencore. The alleged actions all predate the merger. Vitol said in a statement that it has a zero tolerance policy toward bribery and corruption. BRASILIA/RIO DE JANEIRO (Reuters) - A middleman in a graft scheme at Brazilian state oil company Petrobras has implicated the chairman of global energy trading firm Vitol in a bribery operation to. StAR Asset Recovery Watch is a public database that tracks efforts by prosecution authorities worldwide to go after assets that stem from corruption. Corruption of Vitol, Glencore, Trafigura at PDVSA dwarfs all others 1 month ago By Alek Boyd Reuters posted an "exclusive" yesterday about corruption in Brazil that's been in the public domain for a while. Brazil + Dilma Rousseff. Vitol, Glencore and Trafigura, which boast combined annual revenues of more than half a trillion dollars. MPA and DNV-GL in decarbonisation and. BRASILIA / RIO DE JANEIRO (Reuters) - A middleman in a graft scheme at Brazilian state oil company Petrobras has implicated the chairman of global energy trading firm Vitol in a bribery operation to obtain oil contracts, as well as two high-ranking executives at rival Trafigura and its former CEO, according to plea bargain testimony seen by Reuters. World's biggest oil traders paid bribes in Brazil scandal: prosecutors Petrobras employees offered the trading companies lower prices for oil and its derivatives as well as storage tanks in more than 160 separate operations then shared in the savings, authorities said. Then, last December, the company became entangled in Brazil’s massive “Lava Jato” corruption investigation and is, along with Vitol and Trafigura, being probed by Federal Prosecutors for bribing. Magu said this today at a meeting. Brazil prosecutors alleged on Wednesday that trading giants Vitol, Trafigura and Glencore paid over $30 million in bribes to employees at state-owned oil company Petroleo Brasileiro SA in return for business. The editor of this site is the only Venezuelan journalist / blogger writing about corruption ever to have suffered a break in, threats and theft, while residing thousands of miles away and having left that country nearly two decades ago. -based oil trader for Petrobras (PBR -2. Vitol is at heart a merchant, moving oil around the globe and trying to make a buck in between. We live in a different world now. SAO PAULO/LONDON—Brazil’s epic “Car Wash” corruption investigation has taken down presidents and elite businessmen, and led to the largest corporate leniency deal ever signed. Breaking News. Brazilian federal prosecutors on Thursday charged 12 people in connection with an alleged bribery scheme meant to benefit oil trader Vitol Group at the expense of Brazil's state-led oil firm. Vitol, Glencore, and Mercuria Energy Group. Brazil's epic "Car Wash" corruption investigation has taken down presidents and elite businessmen, and led to the largest corporate leniency deal ever signed. Moreover, the Brazilian Real has depreciated, pushing them to export even more: the coffee is traded in dollars, which gives the incentives to Brazilian farmers to export and get more money from it. Many African producers also store in the region. Two global oil traders, Vitol and Glencore, are in talks to financially back Nigerian firms racing to buy assets owned by Brazil’s Petrobras valued at up to $2bn, several sources familiar with. Shell reported 17 incidents to the offshore safety regulator NOPSEMA between May and October 2018 that the regulator classified as dangerous occurrences. Vitol, Glencore and Shell join three consortiums in contention for the acquisition of Petrobras’ Nigerian assets. Vitol and Glencore have previously said they are cooperating with Brazil's probe, and Trafigura has directed prior questions to a statement where it denied management had any knowledge of the. Brazil has opened an investigation into commodity trading groups Glencore, Vitol and Trafigura over alleged bribery of employees at state-run oil company Petrobras, prosecutors said Wednesday. SAO PAULO (Reuters) - Brazilian federal prosecutors on Thursday charged 12 people in connection with an alleged bribery scheme meant to benefit oil trader Vitol Group at the expense of Brazil's state-led oil firm Petroleo Brasileiro SA. Brazilian prosecutors have expanded the sweeping "Lava Jato" investigation into corruption at state oil firm Petrobras,?and are now looking at two Seven Shipping Firms Implicated in Petrobras. Vitol said only that it is cooperating. Vitol, Glencore, Trafigura and others collectively paid at least $31 million in bribes over a six-year period to Petrobras officials to secure advantages in deals, Brazilian prosecutors said. Brazilian federal prosecutors on Thursday charged 12 people in connection with an alleged bribery scheme meant to benefit oil trader Vitol Group at the expense of Brazil's state-led oil firm. for their alleged role in a kickback scheme with officials at Petroleo. [2018] 145 SCL 30 applied the moratorium under s. 6 billion sale of a pipeline network to Engie SA in a decision that could jeopardize tens of. Brazilian authorities last week searched the versace cufflinks with diamonds Rio de Janeiro-area offices of Vitol, Trafigura and Glencore as well as other entities they allege participated in the scheme, Police said they could not locate a physical office in Brazil for Mercuria, No charges have been filed, Mercuria has denied wrongdoing. OGEL - Oil, Gas & Energy Law Intelligence. The firm will pursue a 2023 divestment target of $26. By Brad Brooks and Gary McWilliams RIO DE JANEIRO/HOUSTON (Reuters) - The FBI is investigating energy trading firm Vitol's top two executives in the Americas in connection with a Brazil bribery case, two sources with direct knowledge of the matter said, deepening the U. The sale is part of a Petrobras effort to offload $21 billion in assets amid heavy debts and a corruption scandal. When mixed. Petrobras to Pay $853. A middleman in a graft scheme at Brazilian state oil company Petrobras has implicated the chairman of global energy trading firm Vitol in a. Discover more. 16% the state-run energy giant is portraying itself as the victim of colluding contractors who. Brazil haslaunched an investigation into whether accounts included in the files are linked to a major corruption scandal which in recent months has engulfed the Brazilian government and state-owned oil company Petrobras. Cockcroft helps bring some clarity. investigation, with the latter reiterating past statements that it. 15 Million Featured Strong competition looms for Dangote refinery as Nigeria’s NNPC partners Saudi Aramco to revamp local refineries. In Thursday's charging document, prosecutors said one of Vitol's top executives, Mike Loya, head of the firm in the United States, and Antonio Maarraoui, the company's head for Latin American and the Caribbean, had full knowledge of the scheme. Two former executives of Trafigura were charged with bribery. Includes the latest news stories, results, fixtures, video and audio. The Swiss are assisting Brazilian prosecutors investigating alleged bribery and corruption links to Vitol, Trafigura and Glencore. This Precedent is a termination notice which can be used in the context of a construction project where a contractor/sub-contractor is in default under its contract and its employer (having already notified the contractor/sub-contractor of its breach and given notice of its intention to terminate) wants to terminate the contractor/sub-contractor’s. Justice Department is investigating a former U. While Nigeria is still struggling to untie the legal knots around the controversial P&ID gas and supply processing agreement (GSPA), another sloppy deal has boxed the country into. By Ricardo Brito and Gram Slattery. RIO DE JANEIRO (Reuters) - Brazil's Petroleo Brasileiro SA drew plaudits from investors last month for announcing a plan to sell off eight of its refineries in a process the company says could. Brazilian Prosecutors have also implicated two executives in what many say is one of the biggest international corruption cases. Vitol, Glencore and Trafigura feature in report by campaign group Global. Iran’s Azarab Factory Workers Fall Victim to Regime Corruption National Council of Resistance of Iran 07:46 Corruption Persists in Iran’s Failing Economy National Council of Resistance of Iran 07:46. Brazil's Car Wash Probe Eyes Glencore, Vitol, Trafigura for. Ghana News, News in Ghana, latest in ghana, Business in Ghana, Entertainment in Ghana , Top Stories, Headlines in Ghana, Politics in Ghana, Elections in Ghana, Sports. SAO PAULO: Brazilian federal prosecutors on Thursday charged 12 people in connection with an alleged bribery scheme meant to benefit the giant oil trader Vitol SA at the expense of Brazil's state. Brazilian Prosecutors have also implicated two executives in what many say is one of the biggest international corruption cases. The database compiles and systematizes information about completed and ongoing (active) corruption cases that involve international asset recovery. BRASILIA / RIO DE JANEIRO (Reuters) - A middleman in a graft scheme at Brazilian state oil company Petrobras has implicated the chairman of global energy trading firm Vitol in a bribery operation to obtain oil contracts, as well as two high-ranking executives at rival Trafigura and its former CEO, according to plea bargain testimony seen by Reuters. Petrobras unit head removed amid bribery allegations. Andrade was charged in Brazil for acting as a middleman between top executives at Vitol, allegedly funneling bribes to Petrobras officials in exchange for sweetheart deals from the state-run firm. RIO DE JANEIRO/BRASILIA (Reuters) - The chief executive of a natural gas pipeline unit of Brazilian state oil firm Petrobras (SA:PETR4) has been …. Prosecutors say at least $2. A Vitol spokesman said the firm "has a zero tolerance policy in respect of bribery and corruption and will always cooperate fully with the relevant authorities in any jurisdiction in which it. RIO DE JANEIRO/SAO PAULO (Reuters) - Leading global oil traders Vitol [VITOLV. It did not identify the employee. 7m) of bribes to the Brazilian state oil firm Petrobras, opening a fresh chapter in the Car Wash investigation that has rocked the country’s establishment. And one of the pending transactions to be affected is the sale by Brazil’s state-owned oil firm, Petrobas of its stake in some Nigerian oil fields. Mar 16, 2018 · Brazil's Jaw-Dropping Corruption Scandal Comes to Netflix With "The Mechanism," the Brazilian director and screenwriter José Padilha explores the sweeping corruption and kickback scheme. 00 on a delivered basis during November 4 to 5, down 40 cents a barrel. 15 Million Featured Strong competition looms for Dangote refinery as Nigeria’s NNPC partners Saudi Aramco to revamp local refineries. Andrade Gutierrez Engenharia, a construction company, has signed a 1. According to Brazil's federal police, leading independent oil traders Vitol, Glencore and Trafigura may have made bribery payments to Petrobras officials totaling more than $15 million. For fifty years, Public Eye has offered a critical analysis of the impact that Switzerland, and its companies, has on poorer countries. Vitol, Glencore and Trafigura did tens of billions of dollars in business with Brazil's state petroleum company over the period in question, leaving considerable room for an investigation. Brazil’s giant bribery scandal, the Operation Car Wash, keeps on giving. Sanctions were placed on current and. UL], Trafigura [TRAFGF. 25 million) in. Trafigura and Vitol, the commodity trading goliaths, have found themselves embroiled in Brazil's Car Wash scandal, one of the biggest corruption cases of all time. RIO DE JANEIRO/SAO PAULO (Reuters) - Leading global oil traders Vitol [VITOLV. The companies also said that they have zero tolerance policies for corruption and bribery. While HSBC is pleased to offer this Beyond Banking article as an educational service to our customers, HSBC does not guarantee, warrant or recommend the opinion or advice or the product and/or services offered or mentioned in this article. 3m to officials at the Brazilian state oil company Petrobras, in return for oil deals at preferential rates. Alex Salmond is these days a private individual with no responsibilities to anyone, and RT is a legal, Ofcom-licenced UK broadcaster whose output is beamed free. Andrade was charged in Brazil for acting as a middleman between top executives at Vitol, allegedly funneling bribes to Petrobras officials in exchange for sweetheart deals from the state-run firm. Operation Car Wash: Brazil’s endemic corruption laid bare Presidents, politics and big business have become embroiled in a scandal that has cost the country over €33bn so far. It comes despite the firm paying more than $853m to the US and Brazil to end a long-running corruption investigation. Two of its US shareholders have accused the company of making false disclosures about its accounts. Iran’s Azarab Factory Workers Fall Victim to Regime Corruption National Council of Resistance of Iran 07:46 Corruption Persists in Iran’s Failing Economy National Council of Resistance of Iran 07:46. Prosecutors say at least $2. Also, as the recent other cases demonstrate, alleged manipulation can operate in a number of ways. By Julia Payne. An official from Hascol didn’t immediately respond to a request for a comment. Vitol, Glencore and Trafigura, which boast combined annual revenues of more than. role in a probe of foreign oil firms' dealings with state-controlled Petrobras. While these 10 facts about corruption in Brazil paint a picture of the extent of the problem, one cannot overstate corruption's tangible impact on the lives of everyday Brazilians. It found that global companies. UL], Trafigura [TRAFGF. It comes despite the firm paying more than $853m to the US and Brazil to end a long-running corruption investigation. L) paid more than $30 million in bribes to employees at state-owned Brazilian company Petrobras in a scheme that may still be going on, prosecutors said on Wednesday. authorities are stepping up their involvement in the trading fraud case, the latest twist in Brazil's sweeping "Car Wash" corruption probe. In August this year Brazilian prosecutors charged some of the intermediaries with having bribed senior officials at state oil company Petrobras, in deals shortly before. Andrade was charged in Brazil for acting as a middleman between top executives at Vitol, allegedly funneling bribes to Petrobras officials in exchange for sweetheart deals from the state-run firm. Petrobras News - PETR4. “Vitol continually ships thousands of tonnes of nearly every major commodity and raw material around the planet…Simply put, Vitol is one of the biggest trading companies on the planet. Thread by @ninaandtito: "ODEBRECHT = The Global Corruption Scandal Remember Peru’s ex-President who shot himself whenje was about to be arres Venezuela corruption. INTERNATIONAL - Petroleo Brasileiro SA is close to announcing a sale of its stake in an African oil and gas exploration business to a group of investors led by Vitol Group, people familiar with. 5 billion (which reflected a 25% discount off the bottom of the Sentencing Guidelines range) to $2. By Ricardo Brito and Gram Slattery. Its business is managed in full compliance with all relevant legislation. and Gunvor Group Ltd. Glencore and Trafigura declined to comment. Vitol's primary claim was for the loss suffered due to its inability to complete a subsale and damages for the losses suffered in connection with the gasoil futures it had used to hedge the biofuel cargo purchased from Beta. Brazil fuel imports are set to fall from a record as the country’s state-owned oil company bids to regain market share. Temer is clinging to power, for now. Swiss authorities are assisting Brazilian prosecutors in their investigation into an alleged corruption scheme involving global commodity trading firms Vitol, Glencore and Trafigura, a spokesman. Petróleo Brasileiro S. And for them, Brazil is just one of hundreds of bribe/corruption station. Vitol, Glencore and Shell join three consortiums in contention for the acquisition of Petrobras’ Nigerian assets. Breaking News. Petrobras has been left reeling by its involvement in a massive corruption scandal in Brazil, Vitol's partners in the purchase are the Africa Oil Corp. A consortium led by top oil trader, Vitol has agreed to acquire 50 percent stake in Brazilian Petroleo Brasileiro SA’s (Petrobras) offshore fields in Nigeria. Vitol, Glencore, Shell, Africa Energy declined to comment. along with commodity traders Vitol and Trafigura. OGEL - Oil, Gas & Energy Law Intelligence. RIO DE JANEIRO/HOUSTON (Reuters) - The FBI is investigating energy trading firm Vitol's top two executives in the Americas in connection with a Brazil bribery case, two sources with direct. Brazil's ex-President Michel Temer was arrested Thursday in an investigation of alleged graft in the construction of nuclear plant Angra 3, prosecutors told Reuters, rattling the political class. But graft. Trafigura, Mercuria and Vitol said they have zero-tolerance policies for bribery and corruption. Reuters said that the FBI's targeting of Vitol executives was the second recent sign that U. Mercuria, Vitol and. SAO PAULO/LONDON (Reuters) - Brazil's epic "Car Wash" corruption investigation has taken down presidents and elite businessmen, and led to the largest corporate leniency deal ever signed. Netherlands-based Vitol bought 50 percent of Rodoil in October and Glencore bought 78 percent of Ale Combustiveis this year. Zardari Corruption Probe Alive in Switzerland While the news of President Musharraf's resignation and Asif Zardari's nomination for president occupy the big headlines, the renewed reports of the continuing Swiss probe into corruption allegations against Zardari are also vying for attention in the same week. At Petrobras’ trading desk in Houston, Texas, and in the company’s headquarters in Rio de Janeiro, Brazil’s “Car Wash” investigation charges Vitol, Trafigura and Glencore paid over $30 million in bribes to employees at state-owned oil company Petroleo Brasileiro SA in return for business. Insight: Vitol, rival oil traders in spotlight of Brazil bribery probe Graft allegations lodged by prosecutors last week against four of the world's largest oil trading companies have opened an explosive new phase in the long-running probe. Petrobras has said there are no indications of wrongdoing in that deal, but it would be up to Brazilian regulators to make the final determination. BRASILIA/RIO DE JANEIRO (Reuters) - A middleman in a graft scheme at Brazilian state oil company Petrobras has implicated the chairman of global energy trading firm Vitol in a bribery operation to. After three decades of stellar expansion and booming revenues, profit margins at Vitol, Glencore, Trafigura, Gunvor, Mercuria and other merchants have been squeezed by a market again awash with crude and amid stiff competition from national oil firms. The Global Witness report contains no evidence of any wrongdoing by Vitol. Brazilian prosecutors alleged Vitol, Glencore and Trafigura and others collectively paid at least $31 million in bribes over a six-year period to Petrobras officials. Prosecutors say at least $2. The Car Wash (Lava Jato) investigation may be changing this trend. Glencore, Trafigura, Vitol bribed Petrobras staff, Brazil prosecutors say Oil trading firms with ties to UK named in Brazil's Car Wash corruption scandal. UL] and Glencore paid more than $30 million in bribes to employees at state-owned Brazilian company Petrobras in a scheme that may still be going on, prosecutors said on Wednesday. 4%) already charged in Brazil with taking part in a corruption scheme involving commodity trading f. Trafigura and Vitol, the commodity trading goliaths, have found themselves embroiled in Brazil’s Car Wash scandal, one of the biggest corruption cases of all time. Corruption is a major hurdle to doing business in Kazakhstan according to the 2017 OECD anti-corruption network report external link. Dilma Rousseff + World news. If you have an experience or insight to share or have learned something from a conference or seminar, your peers. Does this name ring a bell at all? No? And yet it is the world’s fourth largest independent oil trader. Vitol, Glencore, Shell, Africa Energy declined to comment. From Russia with love. L ) and Mercuria Energy Group are also under investigation. By Ricardo Brito and Gram Slattery. Brazil’s epic “Car Wash” corruption investigation has extended to four of the world’s largest oil trading companies – Vitol SA, Trafigura, Glencore PLC and Mercuria Energy Group. (Reuters) - The U. The investigation dates back to 2014. By Julia Payne. 07 MEG EAST WS50 SHELL GENER8 THESES 270000 27. , have been linked in a report to individuals being investigated or convicted in Brazil’s high profile “Car Wash” corruption investigation. But the sources said that this could slide as there was a still a possibility that the bids might be split between the two oil block stakes. Temer is clinging to power, for now. Shell has struggled through a series of safety missteps as it readies its cutting-edge Prelude floating LNG vessel for production. UL], Trafigura [TRAFGF. Documents seen by The Namibian show that Vitol SA offered the Namibian government a proposal to operate the storage facility for 10 years maximum, even though the company said it was open to a 15 to 20 year deal. Breaking News. This is Spectator columnist Alex Massie reacting earlier this week to the news of Alex Salmond doing a show for Russian news channel RT. World's biggest oil traders paid bribes in Brazil scandal The latest Car Wash chapter could undermine Petrobras' deals and ability to embark on privatisation plans that far-right president-elect Jair Bolsonaro's economic team wants to carry out. Info-clipper. It added: “Vitol will always co-operate fully with the relevant authorities in any jurisdiction in which it. Petrobras said it was cooperating with authorities and viewed itself as a victim of the alleged corruption. Anti-corruption legislation is becoming increasingly extra-territorial and is being more aggressively enforced. Cockett Marine Oil is a leading supplier of bunker fuel, supplying in excess of 7. A Vitol spokesman said the firm "has a zero tolerance policy in respect of bribery and corruption and will always cooperate fully with the relevant authorities in any jurisdiction in which it. Dec 05, 2018 · Glencore, Vitol and Trafigura, all of which have strong ties to London, are the subject of the next phase of the Car Wash investigation, according to federal authorities in Brazil. Petrobras news and PETR3 price. authorities are stepping up their involvement in the trading fraud case, the latest twist in Brazil’s sweeping “Car Wash” corruption probe. Jair Bolsonaro says Brazil is keen to join Opec. Brazil's epic "Car Wash" corruption investigation has taken down presidents and elite businessmen, and led to the largest corporate leniency deal ever signed. Trafigura, Glencore and Vitol have said they have a zero-tolerance policy on bribery and corruption. The so-called commodities supercycle coincided with the rise of China, India and Brazil as economic powerhouses. L ) and Mercuria Energy Group are also under investigation. Brazil's Operation Car Wash corruption probe is investigating Glencore, Trafigura and Vitol for allegedly paying millions of dollars in bribes to Petrobras employees in return for better terms. Vitol, Glencore and Trafigura, which boast combined annual revenues of more than. The committee appointed to investigate decided to delist Vitol, which is one of the largest oil traders in the world. Brazil’s epic “Car Wash” corruption investigation has taken down presidents and led to the largest corporate leniency deal ever signed. GENEVA (Reuters) – Swiss authorities are assisting Brazilian prosecutors in their investigation into an alleged corruption scheme involving global commodity trading firms Vitol, Glencore and Trafigura, a spokesman for the Office of the Attorney General of. In Brazil, an ongoing corruption investigation has uncovered that executives at the state-owned oil company Petrobras took billions of dollars in bribes in exchange for awarding lucrative oil. SA) that owns stakes in two major Nigerian offshore oil blocks, industry and banking. Vitol, rival oil traders in spotlight of Brazil bribery probe December 13, 2018 evan1313 Uncategorized Leave a comment Brazil’s epic “Car Wash” corruption investigation has taken down presidents and elite businessmen, and led to the largest corporate leniency deal ever signed. And one of the pending transactions to be affected is the sale by Brazil’s state-owned oil firm, Petrobas of its stake in some Nigerian oil fields. RIO DE JANEIRO/HOUSTON (Reuters) - The FBI is investigating energy trading firm Vitol's top two executives in the Americas in connection with a Brazil bribery case, two sources with direct knowledge of the matter said, deepening the U. This site hasn't missed a single target in Venezuela's gargantuan corruption leagues. - Reuters. The US Federal Bureau of Investigation had been investigating on trading firm, Vitol’s top two US executives, in connection with a bribery scheme linked to dealings with much-scandalized Brazilian Petroleo Brasileiro SA, at least two sources with direct knowledge regarding the issue unveiled on Wednesday, the 13th of February. This content was published on February 13, Brazilian prosecutors alleged Vitol, Glencore and. Vitol, the world's biggest oil trader, faces a potential scandal over claims it ripped off the people of impoverished Mozambique for critical fuel by at least $80 million last year. Vitol was a backer of the Libyan revolution Taylor’s first experience of far-flung oil-rich nations came as a child living in Iran, where his father was a senior manager for ICI, the British. Vitol will always engage with the relevant authorities in any jurisdiction in which it operates and respect the confidentiality of these relationships. [All previous press releases] Guidewire Sued by EEOC for Disability Discrimination - 10/24/2019 Breakthru Beverage Illinois to Pay $950,000 to Settle EEOC Class Employment Discrimination Investigation - 10/23/2019. SAO PAULO/LONDON: Brazil's epic "Car Wash" corruption investigation has taken down presidents and elite businessmen, and led to the largest corporate leniency deal ever signed. Brazilian prosecutors charge ex-executives of Petrobras (PBR-1. Brazil's Car Wash Probe Eyes Glencore, Vitol, Trafigura for. Akpo began production in 2009, and has plateau output of 175,000 barrels per day of light condensate oil and nine million cubic metres of gas. Vitol, rival oil traders in spotlight of Brazil bribery probe December 13, 2018 evan1313 Uncategorized Leave a comment Brazil’s epic “Car Wash” corruption investigation has taken down presidents and elite businessmen, and led to the largest corporate leniency deal ever signed. Last November, state-controlled Petroleo Brasileiro SA, known as Petrobras, launched the sale of 100 percent of Petrobras Oil & Gas BV, or Petrobras Africa, as part of the heavily-indebted company. Mercuria, Vitol and Glencore said they would cooperate with the Brazilian investigation, while Trafigura said it was reviewing the allegations. In Thursday's charging document, prosecutors said one of Vitol's top executives, Mike Loya, head of the firm in the United States, and Antonio Maarraoui, the company's head for Latin American and the Caribbean, had full knowledge of the scheme. Brazil's epic “Car Wash” corruption investigation has taken down presidents and elite businessmen, and led to the largest corporate leniency deal ever signed. For the world’s biggest oil traders, it feels like a return to the 1980s when earnings were diluted by an abundance of crude. (Reuters) - The U. Vitol, Glencore, Trafigura According to Retuers : “The U. By Ricardo Brito and Gram Slattery. Trafigura sources, stores, blends and transports raw materials including oil, refined petroleum products and non-ferrous metals (iron ore and coal). It has run TV spots touting its whistleblower hotline in addition to a compliance division created within the wake of Brazil’s epic “Automotive Wash” corruption scandal, which broken the oil large, helped tip Brazil into recession and landed a former president behind bars. Brazil has opened an investigation into commodity trading groups Glencore, Vitol and Trafigura over alleged bribery of employees at state-run oil company Petrobras, prosecutors said Wednesday. The Office of the Attorney General in Switzerland began a criminal probe into an employee of Trafigura as part of a wider investigation into suspected corruption at Petrobras. Nice guys: collectively, Glencore, Vitol and Trafigura handle around 19m barrels of oil and petroleum products a day — more than 10 per cent of global demand. BMA has helped Swiss commodity trading company Vitol acquire a 50% stake in Brazilian fuel distributor Rodoil. At least, four of the world’s largest oil trading firm participated in a corruption scheme to secure oil deals from Brazil’s state-controlled oil company, Petrobras, last week. UPDATE 3-Brazil police raid investment bank BTG Pactual, shares fall 14% to Vitol SA last year.