Featured Extractive Industries

Lithuanian energy tycoon detained in VAT fraud investigation

Lithuanian businessman Rimandas Stonys, active in the energy area, has been detained as part of an investigation into a fuel VAT fraud scheme, sources confirmed to BNS on Tuesday. LNK News reported on Tuesday that Stonys was being questioned in Kaunas. Stonys is the owner of Kauno Termofikacinė Elektrinė and… Read More

Revealing the dubious links of an Australian company in troubled Myanmar

When Myanmar’s military dictatorship imprisoned the country’s democratically elected leader, Aung San Suu Kyi, earlier this month, one of the ramifications was the trading halt on the Australian Stock Exchange of a small Australian listed mining company, Myanmar Metals. The company’s key asset – a silver and lead mine in… Read More

UK court allows extradition of diamond billionaire Nirav Modi to India

A London court ruled on Thursday that billionaire Indian diamond magnate Nirav Modi could be extradited to his home country to face charges of fraud, money laundering and interfering with an investigation. Modi, whose diamonds have been worn by the likes of Kate Winslet and Dakota Johnson, was arrested in… Read More
25th February 2021
By Alessandro Ford, OCCRP, 24 February 2021 OCCRP – More than US$4 billion in conflict-affected or high-risk gold from Central and East Africa gushes every year through world gold centers like Dubai to permeate international markets, according to a report published Monday. The Sentry, an… Read More
25th February 2021
A defendant in a long-running U.K. bribery case has been found guilty of conspiring to make illegal payments to public officials in Iraq to secure contracts, the U.K.’s agency that prosecutes white-collar crimes said Wednesday. Paul Bond, a former sales manager at Dutch oil company SBM Offshore NV, was… Read More
25th February 2021
The premises of a Central Market trader, who was convicted of laundering money from a drugs gang, has been shut down and its contents seized by the Viscount. Darius Pearce, owner of Darius Pearce Jewellers, was found guilty of three counts of becoming concerned in the acquisition, use, possession or… Read More
24th February 2021
South Korean shipbuilder Samsung Heavy Industries agreed to pay 812 million reais ($148.56 million) in a leniency deal with Brazilian authorities to settle corruption investigations, federal prosecutors said late on Monday. On its website, the prosecutor’s office said the deal was part of a global negotiation between the company and… Read More
19th February 2021
A Hong Kong truck driver accused of selling a tonne of gold bars for HK$340 million (US$44 million) was charged with two counts of money laundering on Thursday. The 33-year-old suspect is said to have obtained the gold from unknown sources and sold it over a four-month period in 2016. Read More
18th February 2021
The Biden administration is reviewing U.S. policy toward a pipeline designed to carry Russian natural gas to Germany beneath the Baltic Sea, under new pressure after construction on the $11 billion project resumed this month, according to people with knowledge of the deliberations. The undersea pipeline, Nord Stream 2, is… Read More
17th February 2021
A U.S. judge on Tuesday agreed to dismiss a case against Turkish state lender Halkbank filed by victims of attacks by groups linked to Iran, on the condition that the sides reach an agreement to carry on with the case in Turkey. Halkbank has been at the centre of a… Read More
16th February 2021
By Will Fitzgibbon, ICIJ, 15 February 2021 ICIJ — Three of the world’s largest consulting firms received tens of millions of dollars in payments from an obscure firm in Dubai to help restructure Angola’s corruption-ridden oil sector, according to documents that reveal new details about suspicious money… Read More
15th February 2021
Saudi authorities said on Sunday they had broken up an organized crime gang that was collecting money illegally and laundering it abroad. A total of SR64.860 million ($17.296 million) was smuggled, along with 19 kilograms of gold, the Public Prosecution said in a statement. It also said investigations had ended… Read More
12th February 2021
As one of the world’s biggest oil producers, Venezuela’s government allegedly handed out billions of dollars in energy contracts to an inner circle of politically connected young businessmen, who in turn moved the bulk of their new fortunes to Europe, with some diverting their assets to South Florida. One such… Read More