• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 1 min Sources confirm Trump to sign two new Executive orders.
  • 36 mins CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 6 hours In a Nutshell...
  • 14 hours Why Wind is pitiful for most regions on earth
  • 29 mins No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 11 mins A Real Reality Check on "Green Hydrogen"
  • 1 day During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 16 hours Why Oil could hit $100
  • 18 mins Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 5 mins Putin Paid Militants to Kill US Troops
  • 2 days Coronavirus hype biggest political hoax in history
  • 4 days Joe Biden to black radio host, "If you don't vote for me you ain't black". That's our Democratic Party nominee ?
How Tesla Became More Valuable Than Exxon

How Tesla Became More Valuable Than Exxon

Tesla shares have soared to…

Citigroup: Oil Will Never Return To $100

Citigroup: Oil Will Never Return To $100

Citigroup analysts said on Thursday…

Petrobras Trader Enters Guilty Plea Deal for Money Laundering

In the latest installment of long-running corruption investigation Operation Car Wash, an ex-oil trader for Brazil’s state energy giant Petrobras has agreed to plead guilty to charges of money laundering at a U.S. district court, Reuters reports, citing court documents.

The scandal was the biggest in Brazil’s history and led to the impeachment of President Dilma Rousseff and prison sentences for high-ranking business executives from various industries. The large-scale investigation revealed that Petrobras and other companies—including commodity trading heavyweights Vitol, Trafigura, and Glencore—took part in a scheme that involved syphoning funds from Petrobras, among others, through fake business deals, with a lot of the money ending up in political party coffers.

The trader that struck the guilty pleas bargain, Rodrigo Garcia Berkowitz, is among a dozen former Petrobras employees who were two months ago charged by the Brazilian authorities with taking part in the scheme by offering the commodity trading houses lower prices for crude oil and services, and then distributed what was saved amongst themselves.

Berkowitz and the others are liable for money laundering under U.S. law because the investigation revealed money for bribes to Petrobras executives was transferred to bank accounts in the U.S., Great Britain, Sweden, Switzerland, and Uruguay.

Operation Car Wash hit Petrobras especially hard as the first revelations coincided with the oil price crash from 2014. As a consequence, the company ended up saddled with the highest debt load in the global oil industry, at some $120 billion.

Since then, Petrobras has been working to turn things around, helped by higher oil prices but mainly through an ambitious divestment program. This has not been going all too smoothly as some of the planned deals were suspended by the Supreme Court, but the suspensions have been temporary and Petrobras is now forging ahead with the debt-reduction plan.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

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