An Algeria criminal court sentenced six people to jail and sanctioned two companies for corruption connected to contracts with state-owned energy firm Sonatrach.
The defendants were charged with corruption offenses ranging from embezzling public funds and money laundering to inflating the price of contracts and accepting bribes.… Continue Reading
Moody’s Investors Service downgraded Petrobras’ debt rating, the second time in a year the debt-plagued company has seen its rating fall.
Moody’s doubled down on its junk rating for the state-owned oil giant and lowered Petrobras’ rating from Ba2 to Ba3, with a negative outlook. … Continue Reading
Brazilian prosecutors charged 12 people Thursday after a new probe into alleged bribery involving SBM Offshore and Petrobras.
Former SBM chief executive officers Anthony Mace and Didier Keller were charged with corruption and racketeering along with former senior vice president Robert Zubiate.… Continue Reading
Chevron scored another victory Wednesday in an ongoing legal battle tied to 20-year pollution case in Ecuador.
The Supreme Court of Gibraltar granted Chevron a $28 million award after issuing a judgment against Amazonia Recovery Ltd, a Gibraltar-based company established to receive and distribute funds resulting from a contentious 2011 Ecuadorian judgment against Chevron.… Continue Reading
Andre Esteves, one of the richest men in Brazil, has been arrested in connection with the sprawling corruption probe of state-owned energy giant Petrobras.… Continue Reading
Sevan Marine “more likely than not” made improper payments to win business with Brazil’s Petrobras, the company said in a statement released Friday.
An investigation led by lawyers from Advokatfirmaet Selmer DA and commissioned by Sevan’s board focused on how contracts with Petrobras were obtained from 2005 to 2008.… Continue Reading
Former China National Petroleum Corporation chief Jiang Jiemin was sentenced to 16 years in prison Monday after he pleaded guilty to a slew of corruption charges earlier this year.
A statement issued from the court in Hubei province said Jiang was found guilty of “receiving bribes, possessing large amounts of assets of unknown provenance, and abusing power as a state-owned company employee,” the BBC said.… Continue Reading
A judge in Milan ordered Italian oil and gas services firm Saipem to go on trial for alleged bribery in Algeria.
Prosecutors said the company bribed Algeria officials to win work from state-owned energy firm Sonatrach.… Continue Reading
The Bill and Melinda Gates Foundation Trust filed a lawsuit in New York Thursday against Brazil’s state-owned oil giant and its auditor, alleging the loss of millions of dollars from the ongoing graft scandal.… Continue Reading
Brazil’s Petrobras said Wednesday it isn’t negotiating a settlement with U.S. authorities tied to alleged corruption following a report that claimed the state-owned company was in talks to pay a record FCPA fine.… Continue Reading