rainman + 145 RA Posted December 5, 2018 (edited) 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. Prosecutors said the Petrobras employees offered the trading companies cheaper prices for oil and its derivatives, then shared in the savings that everyone pocketed. According to Reuters, There is evidence that at least two of the employees still work at Petrobras, the investigators said.Prosecutors said bribes from employees of Glencore, Trafigura and Vitol accounted for half of the total graft uncovered, or some $15.3 million, between 2009 and 2014. The names of other investigated companies were not revealed. Employees involved worked at Petrobras’ trading desk in Houston, Texas, and in the company’s headquarters in Rio de Janeiro, prosecutors said. A representative from Trafigura said the company does not comment on legal matters. Officials from Petrobras, Glencore and Vitol did not respond to a request for comment. Edited December 5, 2018 by rainman Share this post Link to post Share on other sites
Pavel + 187 PP Posted December 5, 2018 Brazil - second name for corruption's haven Share this post Link to post Share on other sites
damirUSBiH + 213 DD Posted December 5, 2018 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. And for them, Brazil is just one of hundreds of bribe/corruption station. Share this post Link to post Share on other sites
pinto + 166 PZ Posted December 5, 2018 "The DoJ subpoenaed Glencore earlier this year as part of an investigation into possible bribery in Nigeria, Venezuela and the Democratic Republic of Congo. “The US investigation announced this year into Glencore has shown that a light can be shone into even the darkest corners of the international commodities market,” said Global Witness." https://www.ft.com/content/bc539a1a-e75f-11e8-8a85-04b8afea6ea3 Instead conclusion, big fish are always in deep water... Share this post Link to post Share on other sites
50 shades of black + 116 BI Posted December 5, 2018 Everything in one place, excellent investigative article( https://www.globalwitness.org/en-gb/campaigns/corruption-and-money-laundering/friends-low-places/ ) While I was reading it, I heard in the background old- good The Clash and their song " Jail guitar doors" Share this post Link to post Share on other sites
ThunderBlade + 129 TB Posted December 5, 2018 It's always these three: Vitol, Glencore and Trafigura. Not just in Brazil. "Oil trading firms with ties to UK named in Brazil's Car Wash corruption scandal" https://www.theguardian.com/world/2018/nov/08/oil-trading-firms-linked-to-brazils-car-wash-corruption-scandal?CMP=Share_AndroidApp_Tweet Share this post Link to post Share on other sites
TraderTate + 181 TS Posted December 5, 2018 Things really aren't going well for Glencore, are they? This, coupled with subpoena for docs related to their activities in Venezuela, Nigeria, DRC ... Caught with their hand in the cookie jar too many times... Share this post Link to post Share on other sites