The corruption scandal engulfing Brazilian oil giant Petrobras has further embroiled both Keppel Corp and Sembcorp Marine, with allegations that US$9.5 million (S$13 million) in bribes were paid by agents of the two Singapore companies. The money was allegedly paid to officials of Petrobras, its unit Sete Brasil and Brazil’s Workers’ Party to procure 12 […]

In dismissing an appeal from the Court of Appeal of Jersey, (Federal Republic of Brazil & The Municipality of Sao Paulo v Durant International Corporation & another) the Judicial Committee of the Privy Council has clarified previously unsettled law in relation to the permissibility of “backward tracing” in fraud recovery cases. Simply this Landmark Privy […]

Brazilian prosecutors officially charged Marcelo Odebrecht, CEO of construction firm Odebrecht SA, with corruption on Friday as part of a sweeping probe into oil and gas firms. Odebrecht was charged with corruption, money laundering and criminal conspiracy, Reuters said. Prosecutors also allege that Odebrecht SA laundered more than 1 billion reais, or about $300 million, […]

In a milestone day for Brazil’s biggest-ever corruption investigation, a judge handed down the first punishments to former executives at a building company and a top CEO was indicted. Judge Sergio Moro sentenced Camargo Correa SA’s ex-President Dalton Avancini along with Eduardo Leite, the conglomerate’s former vice president, to 15 years and 10 months for […]

Enforcement in the UK The UK’s now defunct Office of Fair Trading hit three real estate agents with a parting gift of fines for ‘significant and widespread failures’ in implementing the UK Money Laundering Regulations 2007. The firms dropped their guard in terms of customer due diligence, ongoing monitoring of business relationships, policies and procedures on record-keeping, […]

Former president of the Brazilian Football Confederation Ricardo Teixeira was indicted on Monday for fraud and money laundering. Ricardo Teixeira, once Brazil’s most powerful soccer official, has become the latest figure in the sport to become embroiled in scandal and controversy after being charged with money laundering and tax evasion. The former head of the […]

Prosecutors on Tuesday accused a former senior Petrobras executive of racketeering, bribery and money laundering through Switzerland and Uruguay in a widening kickback scandal that has engulfed Brazil’s state-run oil company. Nestor Cerveró was head of international operations at Petroleo Brasileiro SA, as the company is known, from 2003 to 2008, when prosecutors say he […]