LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

World's biggest oil traders paid bribes in Brazil scandal: prosecutors

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Thu, Dec 06, 2018
02:45 am
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

Leading global oil traders Vitol [VITOLV.UL], Trafigura [TRAFGF.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.

Top executives of the international companies had "total and unequivocal" knowledge of the graft involving Petroleo Brasileiro SA
, known as Petrobras, investigators said at a news conference. The bribes took place between 2011 and 2014, investigators said.

The details being made public were just the "tip of the iceberg" investigators said, and the latest revelations were the strongest international links yet announced to the sweeping "Car Wash" probe centred on political corruption at Petrobras.

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.

Those involved, emails obtained by Brazil`s federal police showed, would use nicknames such as Tiger, Flipper or Mr M and discuss below-market prices for oil or tanks, while invoicing their companies at the market rate. The differences could range from 10 cents to a dollar per barrel and the term of art for the bribes was "delta."

Prosecutors also obtained spreadsheets mentioning oil trades involving Vitol, Glencore and Trafigura that they said represent the bribes paid.

"Evidence shows that there was a scheme in which the companies investigated paid bribes to Petrobras employees to obtain ... more advantageous prices and sign contracts more frequently," prosecutors said in a statement.

The bribes moved through bank accounts in the United States, Britain, Sweden, Switzerland and Uruguay, among others, raising questions of whether those countries would open investigations.

Brazilian police alerted Interpol, seeking the arrest of a Petrobras employee in Houston, whom the company said it has now fired. The employee, Rodrigo Garcia Berkowitz, worked as an oil trader, and prosecutors say he used the nickname Batman.

Petrobras said it was cooperating with authorities and viewed itself as a victim of corruption.

"We are the most interested party in seeing all the facts come to light," the company said in a statement. "We will continue adopting all necessary measures to obtain a proper reparation for damages caused (to Petrobras)."

Spokesmen for Glencore and Trafigura declined to comment. 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 operates."

More than 130 businessmen and politicians have been convicted in the case in Brazil, including former President Luiz Inacio Lula da Silva, who is serving a 12-year prison sentence. `STRENGTHEN CREDIBILITY`

The latest developments hit just as Petrobras was hoping to turn the page on corruption. In September, Petrobras settled corruption charges for $850 million with Brazilian and U.S. authorities.

Separately on Wednesday it launched a new business plan saying its goal is to "strengthen the credibility, pride and reputation of Petrobras."

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.

Petrobras said a month ago it is selling its 50 percent stake in a Nigerian oil and gas exploration venture to a consortium led by Vitol for $1.53 billion as the state-controlled oil company reduces debt.

The deal has not yet closed and it was unclear how Wednesday`s action may affect it.

It was not the first time prosecutors have zeroed in on Trafigura, a commodities trader based in Geneva.

In March, a former Trafigura executive, Mariano Marcondes Ferraz, was found guilty of bribing a Petrobras executive on behalf of his own company, Decal do Brasil. He was sentenced to more than 10 years in jail.

Ferraz was also involved in the scheme unveiled on Wednesday, prosecutors said.

Swiss prosecutors also have an open investigation, announced one month after Ferraz`s arrest in Brazil in 2016. 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. It did not identify the employee.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

In chat with Anil Singhvi, analyst Vikas Sethi picks NCL, UPL as top buys for handsome returns

Maharashtra board exams 2021 time table released: Check class 10, class 12 board exams dates; Students, don't miss

Sensex surges 750 points - Here is what led to this rally | Check top gainers

Petrol, Diesel Prices Today in your city– Monday relief; Know how to EARN MONEY from rising oil prices

Nestle India share price: Jefferies revises price target to Rs 18100

Indian Pro Music League: Full list of IMPL teams - God of all music shows is here!

PUBG Mobile Lite Season 22 Update: Check release date, timings, APK download link and MORE!

Kareena Kapoor posts first photo of herself after welcoming second baby, says ''missed you all''

RailTel share price hits 20% upper circuit after steller listing in last session: Retail Investors are delighted

Alia Bhatt to star in, produce 'Darlings' with SRK's Red Chillies Entertainment

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved