Oil industry rocked by global corruption scandals

In March, top executives from Royal Dutch Shell and the Italian oil major Eni will go on trial in Milan in what is billed as the largest corporate bribery case in history. Among the accused are Shell’s former head of international oil development, Malcolm Brinded, and Eni’s CEO Claudio Descalzi, who are alleged to have paid $1.1 billion to a former Nigerian oil minister to gain access to a lucrative oilfield off the West African coast.

Driving the trials and plea deals are two scandals. In Brazil, an ongoing corruption investigation has uncovered that executives at the state-owned oil company Petrobras took billions of dollars in bribes in exchange for awarding lucrative oilfield contracts, part of a sweeping network of graft that has led to charges against numerous Brazilian government officials, including former president Luiz Inácio Lula da Silva.

In 2016, the Australian newspaper The Age and the Huffington Post

... read more at: https://www.thestar.com/business/2018/02/02/oil-industry-rocked-by-global-corruption-scandals.html

by