Featured Extractive Industries

Ex-Portuguese minister named in €35 million corruption probe involving Venezuelan funds

Former Socialist minister António Vitorino – once tipped as a contender for party leader – is being cited by Spanish prosecutors over a “scheme of corruption and money laundering” involving more than €35 million in Venezuelan funds. Vitorino has denied the allegations, saying they are “absolutely false”. The story is… Read More

Western Advisers Helped An Autocrat’s Daughter Amass And Shield A Fortune

Pausing at the entrance to a star-studded bash at the Cannes Film Festival, ’90s icon Sharon Stone flashed her one-of-a-kind cuff bracelet. It was a wraparound hippo with rubies for eyes, sapphire nostrils and white diamond teeth. Its body was covered in brown, gray and white diamonds. The dazzling ornament… Read More

Bank of Portugal scrutinizes Isabel dos Santos’ Eurobic

Portugal’s central bank is carrying out an inspection of small local lender Eurobic, in which Angolan billionaire and former first daughter Isabel dos Santos is the main shareholder, to assess its procedures against money laundering, Eurobic said. Responding to questions from Reuters, the unlisted bank said on Thursday it was… Read More
17th January 2020
The U.S. Treasury Department said on Thursday it will allow for a 90-day period to wind down transactions in certain sectors of Iran’s economy hit with fresh U.S. sanctions last week. The period, good through April 9, allows transactions in the construction, mining, manufacturing or textiles sectors of Iran’s economy… Read More
14th January 2020
Haiti’s president has denied accusations of participating in a $2 billion (£1.5bn) corruption scheme, as he admitted on the tenth anniversary of the devastating earthquake that his country remains “in constant crisis”. Jovenel Moise on Sunday visited the memorial at the nation’s largest mass grave, where tens of thousands of… Read More
13th January 2020
Fresh sanction powers authorized by President Trump against Iran could squeeze the remaining trade and finance channels keeping the Iranian economy on life support by threatening those companies still doing business with the country. The U.S. on Friday levied more sanctions on Iran in response to ballistic-missile attacks against… Read More
13th January 2020
The U.S. could face more legal challenges to proposed sanctions penalties after Exxon Mobil Corp.’s recent victory in a Texas federal court, white collar attorneys say. The Treasury’s Office of Foreign Assets Control (OFAC) has been on a hot streak of sorts, hitting a six-year high in its number of… Read More
10th January 2020
The Islamic Revolutionary Guard Corps (IRGC), which along with the regular military (Artesh) comprises the armed forces of Iran, is an economic heavyweight in the country. Most experts agree that it controls at least a third of the Iran’s economy through a variety of business subsidiaries and religious foundations. The… Read More
9th January 2020
U.K. fraud prosecutors sought an Israeli billionaire’s correspondence with the former President of Democratic Republic of Congo Joseph Kabila as part of one of their largest bribery investigations, a lawyer for the Serious Fraud Office said at a London trial. SFO attorney Jonathan Hall described the request at the… Read More
7th January 2020
Sanctions observers expect the U.S. to impose more sanctions on Iranian officials or companies that trade with Iran as tensions escalate between Tehran and Washington following a U.S. airstrike that killed an Iranian military leader. President Trump on Sunday threatened Iraq with sanctions and a bill for billions… Read More
2nd January 2020
Angola has frozen the assets of Isabel dos Santos, the billionaire daughter of the country’s previous leader, in a sign that President João Lourenço is taking a tougher line against the former first family. Since ending José Eduardo dos Santos’ nearly 40-year grip on power in 2017, Lourenço has been… Read More
1st January 2020
Exxon Mobil Corp. won a lawsuit challenging a $2 million fine levied against it by U.S. Treasury Secretary Steven Mnuchin after the company allegedly violated Ukraine-related sanctions with a series oil and gas deals in Russia. Exxon wasn’t given sufficient notice that the 2014 contracts with a powerful ally… Read More
1st January 2020
German politicians have called on Europe to adopt protective measures against U.S. sanctions after Washington managed to halt completion of a new submarine gas pipeline linking Russia directly to Germany. The bipartisan U.S. move initiated by Congress last week threatened sanctions against companies working on completing Nord Stream 2, Europe’s… Read More