A former Louisiana maritime instructor has been indicted on federal charges for allegedly accepting cash payments to fraudulently certify individuals on critical maritime infrastructure equipment for which they never actually completed training. The charges were handed down earlier this month in the Eastern District of Louisiana follow an investigation by U.S. Immigration … [Read more...]
Glencore Ordered to Pay Millions Over Decades-Old Oil Fraud
By Kit Chellel (Bloomberg) -- Glencore Plc was ordered to pay just over $40 million to OMV Petrom SA by a U.K. court for fraudulently shipping oil of a lower-than-purported quality to Romania in the 1990s. Marc Rich & Co., later to become Glencore International AG, sold about 32 shipments to Romanian state firms from 1993 to 1996 made up of cheaper crude blends than … [Read more...]
Denmark Arrests Former OW Bunker Manager Wanted in Italy
COPENHAGEN, Dec 18 (Reuters) - Denmark has arrested a former manager of collapsed ship fuel supplier OW Bunker and intends to hand him to Italy, where he is suspected of fraud, the Danish public prosecutor said on Thursday. A statement from the prosecutor's office did not disclose any details. Danish daily Berlingske reported earlier this week that the arrested person and … [Read more...]
Maersk Targeted in Petrobras Probe as Graft Scandal Goes Global
By Sabrina Valle Dec. 6 (Bloomberg) -- Brazilian authorities are investigating foreign companies including AP Moeller-Maersk A/S over allegations they bribed Petroleo Brasileiro SA executives in exchange for contracts, widening the probe from local suppliers to companies working on oil projects around the globe. A prosecutor and a federal police agent said in interviews … [Read more...]
OW Bunker Scandal Sends Traders Scrambling, Investors Eye Lawsuits
Update: OW Bunker Files for Bankruptcy By Jane Xie and Ole Mikkelsen COPENHAGEN/SINGAPORE, Nov 7 (Reuters) - Traders and shipping companies scrambled to source fuel and take over supply contracts on Friday after Danish marine fuel supplier OW Bunker said a suspected fraud at its Singapore subsidiary had pushed it to the brink of bankruptcy. The alleged fraud at … [Read more...]
Shippers, Traders Scramble In Wake of OW Bunker Fraud Revelation
Update: OW Bunker Files for Bankruptcy By Libby George LONDON, Nov 6 (Reuters) - Shipping companies and bunker oil traders scrambled to source fuel and take over supply contracts on Thursday after OW Bunker, one of the world's biggest shipping fuel firms, said it faces possible bankruptcy after uncovering internal fraud. Traders said refineries and other shipping fuel … [Read more...]
OW Bunker at Risk of Bankruptcy After Uncovering Fraud
Update: OW Bunker Files for Bankruptcy By Ole Mikkelsen COPENHAGEN/SINGAPORE, Nov 6 (Reuters) - Danish ship fuel supplier OW Bunker said it may go bankrupt after discovering fraud by unnamed senior employees in its Singapore-based subsidiary and that investors need to assume that the company's equity has been wiped out. The news prompted a scramble by shipping … [Read more...]