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Glencore, Trafigura, Vitol bribed Petrobras staff: Brazil prosecutors
Source: Reuters
BUSINESS NEWS DECEMBER 5, 2018 / 6:52 AM / UPDATED AN HOUR AGO
Glencore, Trafigura, Vitol bribed Petrobras staff: Brazil prosecutors
Pedro Fonseca, Marcelo Rochabrun
4 MIN READ
RIO DE JANEIRO/SAO PAULO (Reuters) - Trading giants Vitol, Trafigura and Glencore paid over $30 million in bribes to employees at state-owned oil company Petroleo Brasileiro SA, Brazil prosecutors said on Wednesday, in a graft scheme they believe is ongoing.
Top executives of the international companies had “total and unequivocal” knowledge of the graft scheme, which began in 2009, investigators said at a news conference in Brazil, adding that the details being made public were just the “tip of the iceberg.”
Petrobras employees offered the trading companies lower prices for oil and its derivatives as well as storage tanks in more than 160 separate operations then shared in the savings, authorities said.
“Evidence shows that there was a scheme in which the companies investigated paid bribes to Petrobras employees to obtain ... more advantageous prices and sign contracts more frequently,” prosecutors said in a statement.
-snip-
Glencore, Trafigura, Vitol bribed Petrobras staff: Brazil prosecutors
Pedro Fonseca, Marcelo Rochabrun
4 MIN READ
RIO DE JANEIRO/SAO PAULO (Reuters) - Trading giants Vitol, Trafigura and Glencore paid over $30 million in bribes to employees at state-owned oil company Petroleo Brasileiro SA, Brazil prosecutors said on Wednesday, in a graft scheme they believe is ongoing.
Top executives of the international companies had “total and unequivocal” knowledge of the graft scheme, which began in 2009, investigators said at a news conference in Brazil, adding that the details being made public were just the “tip of the iceberg.”
Petrobras employees offered the trading companies lower prices for oil and its derivatives as well as storage tanks in more than 160 separate operations then shared in the savings, authorities said.
“Evidence shows that there was a scheme in which the companies investigated paid bribes to Petrobras employees to obtain ... more advantageous prices and sign contracts more frequently,” prosecutors said in a statement.
-snip-
Read more: https://www.reuters.com/article/us-brazil-corruption-petrobras/glencore-trafigura-vitol-bribed-petrobras-staff-brazil-prosecutors-idUSKBN1O41EC