Tag Archives: Corruption / Bribery / Embezzlement

Petrobras Brazil said it would review Golar’s participation in the LNG terminal tender | Instant News


FILE PHOTOS: Petrobras logo. REUTERS / Sergio Moraes

RIO DE JANEIRO (Reuters) – Brazilian oil producer Petroleo Brasileiro SA PETR4.SA said it will review the participation of liquefied natural gas (LNG) company Golar Power in an ongoing tender to lease a supercooled natural gas import terminal in the state of Bahia.

Petrobras, a Rio de Janeiro-based company designation, said in a statement that it would review Golar’s integrity analysis, a report applied to all of the company’s suppliers. Suppliers deemed to have a high level of integrity risk cannot do business with a state-controlled producer.

Golar Power, a joint venture of Golar LNG GLNG.O and US private equity firm Stonepeak Infrastructure Partners, did not immediately respond to an after-business email request for comment.

The review came when a Golar group executive was quoted in the early stages of the latest stage of Brazil’s six-year corruption investigation known as the Car Wash investigation, Petrobras said. The charges against the executive, Golar Power CEO Eduardo Antonello, are based on testimony from criminals who confessed to pleading bargains. No fees are charged.

Petrobras said it had also asked for information from a former subsidiary and fuel distribution company Petrobras Distribuidora SA BRDT3.SA on its current partnership with Golar Power for LNG distribution.

Reporting by Sabrina Valle; Edited by Muralikumar Anantharaman

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Hygo’s trade was suspended as the named CEO of a Brazilian corruption probe | Instant News


RIO DE JANEIRO / LONDON, Sept. 24 (Reuters) – Trading debuts at Hygo Energy Transition Ltd were suspended on Thursday hours after the chief executive of liquefied natural gas transportation and infrastructure operators was named in a corruption probe in Brazil.

Hygo is led by Eduardo Antonello, a former executive of offshore oil rig firm Seadrill Ltd who has been accused of bribery by Brazilian federal prosecutors in a court filing that outlines a new phase of Car Wash’s massive corruption probe.

Antonello, who is now based in London, did not immediately respond to a request for comment.

Hygo, a joint venture between Golar LNG Limited and US private equity firm Stonepeak Infrastructure Partners whose shares will be divested in New York, did not confirm or deny the cancellation of the IPO, its press office said by email. Stonepeak did not immediately reply to a request for comment.

Golar said the allegations against Antonello “involved preceded behavior and did not, in any way, involve his job at Hygo.”

“However, with great care, Hygo has initiated a review to ensure that there is no deviation from a culture of compliance with respect to Mr Antonello’s service to Hygo,” the company said in a statement.

Hygo’s share price was due on Thursday, but the New York Stock Exchange said they had suspended it without giving a reason.

Golar’s stock was down more than 25% at $ 7.25 in New York morning trade.

Hygo announced in September its plans to raise $ 485 million in an initial public offering, with shares ranging from $ 18- $ 21 each, according to regulatory filings.

As part of the final stage of the Car Wash probe, a corruption probe that in six years saw two former Brazilian presidents and hundreds of executives and politicians imprisoned, Brazilian and Dutch police executed dozens of search warrants on Wednesday.

According to Brazilian federal prosecutors, the current stage involves Seadrill as investigators deepened the ongoing investigation into three contracts worth $ 2.7 billion signed in 2011 by Malaysia’s Sapura Energy Berhad and Brazilian state-controlled oil company Petroleo Brasileiro SA.

Sapura strongly denies involvement in any form of bribery or corruption in its business dealings in Brazil and anywhere in the world, the company said on Thursday in a statement.

The investigation is in its early stages and details were first revealed by Brazil’s federal prosecutors on Wednesday. Nothing is officially billed.

Antonello was working for Seadrill at the time and was responsible for establishing the company’s operations in Brazil. Court documents in Brazil show that his phone was tapped and his email was monitored by police.

Seadrill confirmed its subsidiary Seadrill Serviços de Petroleo Ltda was served on Wednesday with a search and seizure warrant from the federal police in Rio de Janeiro. He said it was cooperating fully with the ongoing investigation.

Seadrill shares closed down 6.5% on Thursday in Oslo.

The contract between Sapura and Petroleo Brasileiro, for the construction and leasing of three pipeline support vessels, known as the PLSV, is still in effect today, prosecutors said. (Reporting by Sabrina Valle and Gram Slattery in Rio, and Jonathan Saul in London; Additional reporting by Niket Nishant and Luciano Costa; Editing by Christian Plumb and Daniel Wallis)

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UPDATE 1-BNDES Brazil seeks JBS investor support for anti-management suit | Instant News


(Update with BNDES comments)

SAO PAULO, Sept. 24 (Reuters) – Brazilian development bank BNDES asks other JBS SA investors to support a class action lawsuit against meat-packing executives and controlling shareholders seeking compensation for damage caused by the bribery scheme, according to a securities filing by JBS on Wednesday.

BNDES, which has a 21.32% stake in meatpacker making it the largest single minority shareholder, ordered JBS on Sept. 21 to hold an investor meeting to discuss the matter, according to documents filed by JBS.

In 2017, JBS founders Joesley and Wesley Batista confessed in a bargain deal with prosecutors that they had paid millions of reais in bribes to Brazilian politicians.

Since then, BNDES has struggled to exclude them and other controlling shareholders of JBS from the investor meeting to vote on a class action on behalf of the injured investor, one of the few such measures that have been attempted in Brazil.

The state bank says on its website that it has won a lengthy arbitration process over the matter, meaning that the Batista family will not be able to vote on whether the class action against him and other controllers continues.

BNDES said JBS has eight days to hold a shareholder meeting, which must take place at least 15 days after the notification date.

J&F, JBS’s controlling shareholder, declined to comment and the Batista brothers did not immediately respond to a Reuters request.

JBS shares plunged on news of a bribery scheme, which ensnared politicians including former Brazilian President Michel Temer, although the stock rebounded substantially in the following years. The Batista brothers were fired from company management but their father, 87-year-old Jose Batista Sobrinho, continues to serve as chief executive.

Reporting by Carolina Mandl Editing by Chizu Nomiyama and Diane Craft

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Seadrill, Sapura’s newest company to be targeted in the Brazilian ‘Car Wash’ investigation | Instant News


RIO DE JANEIRO (Reuters) – Brazilian and Dutch police executed dozens of search warrants on Wednesday as part of a corruption investigation against offshore oil rig companies Seadrill Ltd and Sapura Energy Bhd in Malaysia, over a notorious ‘Car Wash’ corruption investigation in Brazil. more increasing. international company.

FILE PHOTOS: Petrobras logo. REUTERS / Sergio Moraes / Photo Files / Photo Files

In a statement, federal prosecutors in Brazil said they had carried out 25 searches, concentrated in Rio de Janeiro and Sao Paulo, while Dutch police also carried out searches as part of a parallel investigation into the matter.

Prosecutors described the operation as an attempt to deepen the ongoing investigation into three contracts worth $ 2.7 billion signed between Sapura and state-owned oil company Petrobras in 2011. The contracts, for the construction and leasing of three pipeline support vessels, are known as PLSV. , is still valid today, said the prosecutor.

In the statement, prosecutors described an alleged scheme in which Sapura, a joint venture in Brazil between Sapura Energy and Seadrill, allegedly paid a bribe worth 1.5% of the contract he won with Petrobras. Part of the bribe appears to have been returned to two “high-ranking” Sapura Energy executives in Malaysia, prosecutors said, on condition of anonymity.

Sapura said in a statement that it would be available to investigators, adding that it did not yet have access to key parts of the investigation.

In a statement filed with the exchange on Thursday, the company denied involvement in any form of bribery or corruption and said it had been cleared of all charges in previous investigations by Brazilian authorities in 2016 and 2017.

Petroleo Brasileiro SA, Petrobras’ official title, said it had been recognized by authorities as a victim of corruption schemes in recent years, adding that it had always cooperated with investigators and no searches had been carried out at its headquarters on Wednesday.

Seadrill did not immediately respond to a request for comment, nor did Sapura Energy’s off-hours.

Since 2014, Brazilian prosecutors have been investigating corruption cases in Petrobras. The investigation quickly expanded, leading to charges against hundreds of high-ranking businessmen and politicians across Latin America.

In recent years, several international companies have been targeted by prosecutors, from Danish shipping giant Maersk to commodity trading giants Glencore PLC and Vitol SA.

Reporting by Gram Slattery; Additional reporting by Luciano Costa in Sao Paulo and Sabrina Valle and Rodrigo Viga Gaier in Rio de Janeiro, and Liz Lee in Kuala Lumpur; Edited by Sandra Maler

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Brazilian judge approved Odebrecht’s bankruptcy restructuring plan | Instant News


SAO PAULO, July 27 (Reuters) – A Brazilian judge on Monday approved a bankruptcy restructuring plan for Odebrecht, a hit construction conglomerate that was the main equipment of a widespread corruption investigation known as “Car Wash Operation.”

The judge, in a decision seen by Reuters, approved the plan and rejected objections from creditors, including the state bank of BNDES, Itaú Unibanco, Banco Bradesco, Santander Brasil and Banco do Brasil.

Creditors in April approved a restructuring plan for most of the subsidiaries that formed Odebrecht. (Reporting by Aluisio Alves; Editing by Leslie Adler)

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