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| Caribbean-Latin America |
| SEC investigates oil companies over bribes in Venezuela |
| 2010-04-27 |
| "Three US oil firms operating in Venezuela have been investigated and fined or are under investigation by the US Department of Justice and by the US Securities and Exchange Commission (SEC), for paying bribes to obtain or extend contracts with Venezuelan government entities," the Miami newspaper El Nuevo Herald said. According to the US newspapers, one of the firms is Houston-based Pride International, one of the world's largest offshore drillers, which might be forced to pay more than USD 50 million in fines if the complaint filed in a Texas federal court is successful. The scandal also involves Helmerich & Payne, based in Tulsa, Oklahoma, which is also a drilling company. Another drilling company, Team Industrial Services, based in Alvin, Texas, concluded an internal investigation by the end of 2009 on possible violations to the Foreign Corrupt Practices Act (FCPA) in its operations in Venezuela, after some violations of this law were reported in its operations on the island of Trinidad. "Oil contracts were granted a few years ago through the Law on Bidding, but from 2003 onwards, contracts began to be awarded arbitrarily. As a result, the companies that want to win a bidding process have to pay a commission," Juan Fernández, a former top officer of the state-run company Petróleos de Venezuela (Pdvsa) said. Fernández is exiled in Miami. |
| Posted by:Steve White |
| #4 The SEC is truly an amazing organization. Where do they find the time to go after those evil oil companies and still look at so much porn! They must have special training....maybe from the Dept of Interior? More proof that government corruption is rampant regardless of the letter after the President's name. My link didn't show up, but here's the site: www.cnn.com/2008/POLITICS/09/10/oiil.scandal/index.html |
| Posted by: Keeney 2010-04-27 15:41 |
| #2 Also on the balance sheets would be found accounts for ransom, security, and booze. most other countries operate only because of bribes. Let's face it, the SEC is investigating all the wrong things now. |
| Posted by: newc 2010-04-27 15:03 |
| #1 I think bribes are a business expense in that part of the world. More reason to drill here, drill now. |
| Posted by: Lumpy Elmoluck5091 2010-04-27 11:05 |