• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Starvation, horror in Venezuela
  • 6 hours WTI @ 67.50, charts show $62.50 next
  • 1 hour Mike Shellman's musings on "Cartoon of the Week"
  • 6 mins Venezuela set to raise gasoline prices to international levels.
  • 11 mins Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 19 hours Tesla Faces 3 Lawsuits Over “Funding Secured” Tweet
  • 17 mins Renewable Energy Could "Effectively Be Free" by 2030
  • 1 hour Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 6 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 4 hours Again Google: Brazil May Probe Google Over Its Cell Phone System
  • 3 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 15 hours Oil prices---Tug of War: Sanctions vs. Trade War
  • 15 hours California Solar Mandate Based on False Facts
  • 4 hours Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
Deciphering The New Caspian Agreement

Deciphering The New Caspian Agreement

The Caspian deal is a…

Pemex Sue Siemens over Charges of Bribery

Pemex, the state-owned Mexican oil company, has sued Siemens SG (NYSE:SI) and the South Korean Engineering & Construction Co. Ltd. for $500 million over claims of racketeering violations.

Allegations of bribery have followed Siemens for years, and in 2008 they pleaded guilty to US criminal charges and had to pay $1.6 billion to US and European authorities in order to resolve global bribing allegations.

In this current lawsuit, filed in the US District Court in New York, Pemex has accused the two companies of securing contracts to work on oil refinery modernisation projects via bribes to Pemex officials.

Recently the US has been increasing its enforcement the Foreign Corrupt Practices Law, an anti-bribery law; however it is very unusually for foreign countries to actually take cases to US authorities in search of compensation.

Related Article: Mexico to Privatize State Oil Company Pemex?

Siemens has already been linked with bribery claims in Mexico, which ultimately led to this new case. The US Securities and Exchange Commission (SEC) stated that in 2004 Siemens paid around $2.6 million to a politically connected consultant who helped them settle cost overrun claims associated with refinery modernisation projects. In the settlement of the case with the SEC Siemens neither admitted nor denied the allegations.

Pemex has listed this SEC case as the cause for its current investigation into “whether any of its dealings with Siemens were tainted by bribery,” and the subsequent findings.

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News