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Tag Archives: Corruption

Seized spreadsheets list payments to top Brazil politicians

Seized spreadsheets list payments to top Brazil politicians

RIO DE JANEIRO (AP) — In another stunning turn in the snowballing corruption investigation that is shaking Brazil, top newspapers on Wednesday released scans of dozens of spreadsheets seized by police listing what appeared to be payments by one of the country’s biggest companies to about 200 politicians, including code names and monetary values. The newspapers O Estado de S. ...

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Brazil’s Petrobras reports $10.2 billion quarterly loss

Brazil's Petrobras reports $10.2 billion quarterly loss

RIO DE JANEIRO (AP) — Brazil’s state-run oil company, Petrobras, reported a record quarterly loss of $10.2 billion Monday due to a large reduction in the value of some assets amid lower oil prices. Petrobras has been at the center of a sprawling corruption scandal that has ensnared some of Brazil’s most powerful lawmakers and business executives. The embattled company ...

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Oil proceeds went into personal accounts, Nigerian president says

LAGOS (Reuters) – Nigerian authorities have seen documents suggesting the proceeds from past crude oil sales were diverted to personal accounts rather than reaching government coffers, President Muhammadu Buhari said on Wednesday. Buhari, who took office in May after being elected on an anti-corruption ticket, said funds were “looted illegally”. He could not provide more details, since various cases were ...

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GM of China’s largest oil refiner under investigation

BEIJING — The general manager of China’s largest oil refiner, Sinopec, has been placed under criminal investigation amid an ongoing crackdown on corruption. A one-sentence notice from the ruling Communist Party’s anti-corruption watchdog body on Monday said Wang Tianpu was suspected of serious violations of laws and discipline. The phrase usually refers to corruption and abuse of power. Wang had ...

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Petrobras hit with U.S. class action suit over $98 bln in securities

Dec 26 – Brazil’s state-run oil company Petroleo Brasileiro SA and some of its executives were hit with a U.S. class action lawsuit by investors in $98 billion of the company’s securities over an alleged kickback and bribery scheme. News of the case helped knock Petrobras shares more than 4 percent lower. In mid-December, the stock hit its lowest in ...

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Brazil’s oil giant stands up and fights against corruption

Graca Foster, a top executive at Petrobras, a Brazil-based oil company, has taken a stand against the corruption the company has been fighting for the past several months. Foster addressed the issue today for the first time since the arrests of about two dozen people, including one of the company’s top executives.  Foster explained in a conference call with investors ...

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PetroChina reconsiders sale of natural gas pipeline assets: sources

Chen Aizhu & Charlie Zhu BEIJING/HONG KONG (Reuters) – PetroChina is reconsidering a plan to auction off its multi-billion dollar natural gas pipeline unit, and could instead sell it to an affiliate, three people who were briefed on the matter by the Chinese energy giant told Reuters. Selling PetroChina Eastern Pipelines Co Ltd to the affiliate, 50 percent owned by ...

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10-year sentence for ex-New Orleans Mayor Nagin

Kevin McGill | Associated Press NEW ORLEANS (AP) — Former New Orleans Mayor Ray Nagin was sentenced Wednesday to 10 years in prison for bribery, money laundering and other corruption that spanned his two terms as mayor — including the chaotic years after Hurricane Katrina hit in 2005. U.S. District Judge Helen Berrigan handed down the sentence Wednesday morning. Nagin ...

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Puerto Rico converts energy sector reform into law

The Associated Press SAN JUAN, Puerto Rico (AP) — Puerto Rico’s governor signed a law Tuesday intended to revamp the U.S. territory’s power company amid complaints of corruption and costly bills. Gov. Alejandro Garcia Padilla said the law also seeks to increase the use of natural gas and renewable energy sources, with Puerto Rico currently depending on oil to generate ...

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