Oil traders spread corruption around world, lubricating deals with bribes
Oil traders Taleveras Group, Vitol Group, Glencore and Trafigura have been exposed in more corruption, seemingly paying bribes in every deal.
Oil traders Taleveras Group, Vitol Group, Glencore and Trafigura have been exposed in more corruption, seemingly paying bribes in every deal.
‘The deal includes a deferred-prosecution agreement with the Justice Department, allowing Vitol to escape charges if it stays out of trouble for three years’, said The Wall Street Journal.
South Africa plans to engage with traders who acquired strategic oil reserves two years ago, even as it prepares legal action to try to cancel the deal.
Bloomberg quotes “five traders familiar with the matter” saying the world’s biggest oil merchant, Dutch group Vitol, is offering to sell and ship some 4m barrels of its Saldanha-stored oil – almost half of what used to be SA’s strategic reserves.
Those who engineered the sale of SA’s Strategic Fuel Fund on the conditions reported, did it solely to enrich themselves. They stole at least R1.5bn, perhaps as much as R2.2bn, from South African taxpayers.
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