Like the banking sector, commodity traders are facing increased scrutiny for questionable business practices in resource-rich countries. Now Glencore, the world's largest commodity trader, is facing a US investigation for possible corruption.
The coating manufacturer will pay a fine of approximately USD 33.44 million in a German bribery case which marks the largest fine in the history of the Danish financial police. "We have cleaned up and we have moved on," says CEO Henrik Andersen.
Brazilian oil company Petrobras has agreed to settle in a US case, in which several investors accused the company of inflicting losses on them in connection with a huge corruption scandal. The settlement is worth billions of US dollars.
New corruption charges have now been filed against eight former executives from controversial oil major Petrobras, reports Reuters. The case concerns the awarding of contracts to three drilling vesels.
With just a few means, in the course of two years it has become possible for carriers to get their vessels through the Suez Canal without having to pay the pilots in, for instance, cigarettes. "A milestone," says anti-corruption organization MACN, which is behind the initiative.
Dutch authorities have led an investigation of a possible cartel in the country's bunker industry. Various companies have entered illegal agreements concerning price fixing, says competitions authority ACM.
Michel Temer is facing mounting pressure shortly after secret recordings officially drag the president into the Petrobras scandal. He could remain in office despite minimal support from the population,
The container carrier has from 2015 to 2016 virtually eliminated the use of so-called facilitation payments, namely the mild form of bribes as payment in the form of, for instance, cigarettes for pilots, customs officials, and port authorities, reports Danish media dr.dk.
Damen Shipyard, the largest shipbuilding group in the Netherlands, was subjected to a dawn raid this week by the country's tax authority. According to several media reports, the raid is part of investigations into a case related to corruption and bribes.
Major investor Wilbur Ross has been granted more time to map out his business investments in industries including shipping ahead of a hearing Wednesday. But he must sell out of a number of investments and give up important posts, writes Wall Street Journal.
Corruption and bribery happen in the shipping industry every day and represents a major problem. In an interview with ShippingWatch, the new Chairman of anti-corruption network MACN, Sam Megwa, acknowledges that he has his work cut out for him.
A rig manager who was employed at Maersk Drilling, working on rig Maersk Deliverer, has been convicted of serious fraud against the Maersk company. He will now have to pay USD 3.4 million to his now former employer.