David Wethe and Lucia Kassai, Bloomberg Published 12:17 pm CDT, Monday, June 3, 2019 Citgo Petroleum Corp. headquarters in Houston. Citgo Petroleum Corp. headquarters in Houston. Photo: Loren Elliot / Bloomberg Photo: Loren Elliot / Bloomberg Image 1 of / 1 Caption Close Image 1 of 1 Citgo Petroleum Corp. headquarters in Houston. Citgo Petroleum Corp. headquarters in Houston. Photo: Loren Elliot / Bloomberg Citgo gets U.S. subpoena related to Venezuela bribery probe 1 / 1 Back to Gallery Citgo Petroleum Corp. received a subpoena from the Department of Justice stemming from an investigation into bribery in Venezuela, indicating that the U.S. government is finally turning its … [Read more...] about Citgo gets U.S. subpoena related to Venezuela bribery probe
U s foreign corrupt practices act
LONDON (Reuters) – Glencore’s long-serving head of oil, Alex Beard, who helped make the firm one of the world’s top three oil trading houses, will retire this month, the company said on Monday as it faces mounting U.S. probes into its activities. Beard, 52, will be replaced by the head of oil marketing, Alex Sanna, who was key in helping Glencore expand its refined products trading in recent years. In April, miner and commodity trader Glencore said the U.S. Commodity Futures Trading Commission was investigating whether the company and its units may have violated certain regulations through “corrupt practices”. The company said the probe was at an early stage and had a scope similar to that of a previously announced investigation by the U.S. Department of Justice. Last July, Swiss-based Glencore said it had received a subpoena from the Department of Justice requesting documents and records on compliance with the U.S. Foreign Corrupt Practices Act and … [Read more...] about Glencore head of oil Beard retires amid U.S. probes
By Jonathan Stempel (Reuters) - Telefonica Brasil SA will pay a $4.13 million (£3.17 million) civil fine to settle U.S. Securities and Exchange Commission charges over incentives provided to 127 government officials in connection with soccer's 2014 World Cup and 2013 Confederations Cup. The SEC on Thursday said Telefonica Brasil's books failed to accurately reflect payments for tickets and hospitality awarded to officials capable of influencing legislative, regulatory and business activity involving the Sao Paulo-based telecommunications company, Brazil's largest. It said this violated the books and records and internal accounting controls provisions of the federal Foreign Corrupt Practices Act. Telefonica Brasil, which sells services under the Vivo brand, did not admit or deny wrongdoing in agreeing to settle. Neither the company nor its parent, Spain's Telefonica SA, immediately responded to requests for comment. According to the SEC, Telefonica Brasil provided 194 World Cup … [Read more...] about U.S. SEC fines Telefonica Brasil over World Cup ticket controls
KUALA LUMPUR (Reuters) - A Malaysian court on Monday declined to grant bail to former Goldman Sachs <GS.N> banker Roger Ng, pending his extradition to the United States where he faces charges related to suspected money laundering of funds siphoned off from state fund 1MDB. Ng has been detained in Kuala Lumpur since Nov. 1 last year, shortly after the U.S. Department of Justice announced charges against him, another Goldman Sachs official Tim Leissner, and Malaysian financier Low Taek Jho over the alleged theft of billions of dollars from 1Malaysia Development Berhad (1MDB). Leissner, a former partner for Goldman Sachs in Asia, pleaded guilty to conspiring to launder money and violate the Foreign Corrupt Practices Act, while Low has denied wrongdoing and remains at large. Malaysian prosecutors have filed separate criminal charges against the three, as well as an application to extradite Ng to the United States. Defence lawyer Tan Hock Chuan last week had requested for Ng to be … [Read more...] about Ex-Goldman Sachs banker denied bail in Malaysia pending extradition to U.S.
WASHINGTON (Reuters) - The U.S. Justice Department is set to announce multiple criminal charges on Thursday against two former Goldman Sachs Inc <GS.N> bankers and Malaysian financier Jho Low tied to the Malaysia 1MDB sovereign wealth fund scandal, the Wall Street Journal reported. Citing sources familiar with the case, the Wall Street Journal said Tim Leissner, former partner for Goldman Sachs in Asia, is expected to plead guilty to conspiracy to launder money and conspiracy to violate the Foreign Corrupt Practices Act, and will forfeit $43.7 million (33.8 million pounds). Roger Ng, the other former Goldman banker, was arrested in Malaysia and Jho Low, last seen in China, will be indicted. Goldman, which generated about $600 million in fees for its work with 1MDB, has in the past repeatedly denied any wrongdoing and said it is fully cooperating with authorities. Reuters could not immediately confirm the report. An estimated $4.5 billion was misappropriated from 1Malaysia … [Read more...] about U.S. to announce charges against former Goldman bankers for 1MDB -WSJ