Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Glencore    GLEN   JE00B4T3BW64

GLENCORE

(GLEN)
  Report  
Delayed Quote. Delayed London Stock Exchange - 04/18 11:35:20 am
338.2 GBp   -0.62%
04/18LONDON MARKETS: Unilever Results Fail To Hoist London Markets
DJ
04/18GLENCORE : Katanga names Glencore Coal's chief development officer for top job
RE
04/17Katanga Mining Names Jeff Gerard CEO
DJ
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Glencore : World's biggest oil traders paid bribes in Brazil scandal - prosecutors

share with twitter share with LinkedIn share with facebook
share via e-mail
0
12/05/2018 | 04:01pm EDT
FILE PHOTO: A view of the Brazil's state-run Petrobras oil company headquarters in Rio de Janeiro

RIO DE JANEIRO/SAO PAULO (Reuters) - Leading global oil traders Vitol , Trafigura and Glencore paid more than $30 million (£23.5 million) in bribes to employees at state-owned Brazilian company Petrobras in a scheme that may still be going on, prosecutors said on Wednesday.

RIO DE JANEIRO/SAO PAULO (Reuters) - Leading global oil traders Vitol [VITOLV.UL], Trafigura [TRAFGF.UL] and Glencore paid more than $30 million (£23.5 million) in bribes to employees at state-owned Brazilian company Petrobras in a scheme that may still be going on, prosecutors said on Wednesday.

Top executives of the international companies had "total and unequivocal" knowledge of the graft involving Petroleo Brasileiro SA, known as Petrobras, investigators said at a news conference. The bribes took place between 2011 and 2014, investigators said.

The details being made public were just the "tip of the iceberg" investigators said, and the latest revelations were the strongest international links yet announced to the sweeping "Car Wash" probe centred on political corruption at Petrobras.

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.

Those involved, emails obtained by Brazil's federal police showed, would use nicknames such as Tiger, Flipper or Mr M and discuss below-market prices for oil or tanks, while invoicing their companies at the market rate. The differences could range from 10 cents to a dollar per barrel and the term of art for the bribes was "delta."

Prosecutors also obtained spreadsheets mentioning oil trades involving Vitol, Glencore and Trafigura that they said represent the bribes paid.

"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.

The bribes moved through bank accounts in the United States, Britain, Sweden, Switzerland and Uruguay, among others, raising questions of whether those countries would open investigations.

Brazilian police alerted Interpol, seeking the arrest of a Petrobras employee in Houston, whom the company said it has now fired. The employee, Rodrigo Garcia Berkowitz, worked as an oil trader, and prosecutors say he used the nickname Batman.

Petrobras said it was cooperating with authorities and viewed itself as a victim of corruption.

"We are the most interested party in seeing all the facts come to light," the company said in a statement. "We will continue adopting all necessary measures to obtain a proper reparation for damages caused (to Petrobras)."

Spokesmen for Glencore and Trafigura declined to comment. A Vitol spokesman said the firm "has a zero tolerance policy in respect of bribery and corruption and will always cooperate fully with the relevant authorities in any jurisdiction in which it operates."

More than 130 businessmen and politicians have been convicted in the case in Brazil, including former President Luiz Inacio Lula da Silva, who is serving a 12-year prison sentence.

'STRENGTHEN CREDIBILITY'

The latest developments hit just as Petrobras was hoping to turn the page on corruption. In September, Petrobras settled corruption charges for $850 million with Brazilian and U.S. authorities.

Separately on Wednesday it launched a new business plan saying its goal is to "strengthen the credibility, pride and reputation of Petrobras."

The latest Car Wash chapter could undermine Petrobras' deals and ability to embark on privatisation plans that far-right President-elect Jair Bolsonaro's economic team wants to carry out.

Petrobras said a month ago it is selling its 50 percent stake in a Nigerian oil and gas exploration venture to a consortium led by Vitol for $1.53 billion as the state-controlled oil company reduces debt.

The deal has not yet closed and it was unclear how Wednesday's action may affect it.

It was not the first time prosecutors have zeroed in on Trafigura, a commodities trader based in Geneva.

In March, a former Trafigura executive, Mariano Marcondes Ferraz, was found guilty of bribing a Petrobras executive on behalf of his own company, Decal do Brasil. He was sentenced to more than 10 years in jail.

Ferraz was also involved in the scheme unveiled on Wednesday, prosecutors said.

Swiss prosecutors also have an open investigation, announced one month after Ferraz's arrest in Brazil in 2016. The Office of the Attorney General in Switzerland began a criminal probe into an employee of Trafigura as part of a wider investigation into suspected corruption at Petrobras. It did not identify the employee.

(Reporting by Pedro Fonseca in Rio de Janeiro and Marcelo Rochabrun in Sao Paulo; Additional reporting by Julia Payne in London and Brad Brooks and Tatiana Bautzer in Sao Paulo; editing by Jonathan Oatis and Grant McCool)

By Pedro Fonseca and Marcelo Rochabrun

Stocks mentioned in the article
ChangeLast1st jan.
GLENCORE -0.62% 338.2 Delayed Quote.16.08%
PETROLEO BRASILEIRO SA PETROBRAS 3.18% 27.6 End-of-day quote.21.69%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on GLENCORE
04/19GLENCORE : Next, new CEO appointed to Katanga
AQ
04/18LONDON MARKETS: Unilever Results Fail To Hoist London Markets
DJ
04/18GLENCORE : Katanga names Glencore Coal's chief development officer for top job
RE
04/17Katanga Mining Names Jeff Gerard CEO
DJ
04/15Glencore Subsidiary to Resume Cobalt Exports From Congo
DJ
04/10GLENCORE : How Trafigura lost $254 million on oil and gas hedges
RE
04/04EXPLAINER : How countries are getting tougher with mining companies
RE
04/04How countries are getting tougher with mining companies
RE
04/01BUNGE : Former Louis Dreyfus boss was ousted after Glencore overture
RE
04/01Louis Dreyfus CEO Left After Making Glencore Approach -FT
DJ
More news
Financials ($)
Sales 2019 215 B
EBIT 2019 8 179 M
Net income 2019 4 947 M
Debt 2019 27 131 M
Yield 2019 4,44%
P/E ratio 2019 11,61
P/E ratio 2020 10,31
EV / Sales 2019 0,41x
EV / Sales 2020 0,39x
Capitalization 60 736 M
Chart GLENCORE
Duration : Period :
Glencore Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GLENCORE
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 4,77 $
Spread / Average Target 8,6%
EPS Revisions
Managers
NameTitle
Ivan Glasenberg Chief Executive Officer & Executive Director
Anthony Bryan Hayward Non-Executive Chairman
Steven F. Kalmin Chief Financial Officer
Peter Roland Coates Non-Executive Director
Leonhard Heinrich Fischer Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
GLENCORE16.08%60 736
CHINA SHENHUA ENERGY COMPANY LIMITED12.47%58 118
COAL INDIA4.44%22 328
SHAANXI COAL INDUSTRY CO LTD25.13%14 173
CHINA COAL ENERGY COMPANY14.84%9 359
YANZHOU COAL MINING CO LTD36.22%7 567