Featured Extractive Industries

Credit Suisse Blocks Prosecutor Using Critical Finma Report

Credit Suisse Group AG has acted to block Geneva prosecutors from using details of a critical report by the country’s financial regulator into the bank’s failure to prevent fraud at its wealth management unit. The bank asked Geneva prosecutor Yves Bertossa to seal the report, which he is legally… Read More

Glencore Under Investigation for Bribery by U.K. Authorities

Glencore Plc is being investigated for bribery by U.K. authorities, deepening the legal troubles that threaten the world’s biggest commodities trader. The shares fell as much as 8.6% to a three-year low. The move by the Serious Fraud Office adds to ongoing corruption probes that Glencore is facing in the… Read More

Panama Papers-style leak — and a Miami arrest — lift veil on how Iran ducks sanctions

Take the arrest of an Iranian-born Turkish citizen during a jaunt to Disney World. Factor in the irrepressible Rudy Giuliani, who briefly served as the arrested man’s lawyer. Add a dash of Turkey’s authoritarian leader, Recep Erdogan, a favorite of President Donald Trump. Mix in a massive leak of more… Read More
4th December 2019
A global web of businesses, banks and tax havens used by international crime gangs and fraudsters has been created by a family-owned company in Britain, an investigation has revealed. Leaked documents show links to businesses set up by Formations House, a London-based company that establishes and helps to manage companies,… Read More
4th December 2019
Ukraine’s state prosecutor office said on Tuesday that Kostyantin Zhevago, the former chief executive of London-listed iron pellet producer Ferrexpo, had been put on an international wanted list. Prosecutors said in a statement they wanted to detain a former lawmaker and former beneficiary owner of Finance & Credit Bank. Tuesday’s… Read More
3rd December 2019
As the sun sinks in Juba, South Sudan’s capital, a 29-year-old policeman has just finished his shift. Out of view of a busy street, he changes into civilian clothes before class at a nearby university. Abraham Malual Akol Dhel, a father of two, says he’s hoping to retrain into another… Read More
28th November 2019
A Miami investment manager pleaded guilty Tuesday to participating in a $1.2 billion money-laundering ring run by wealthy Venezuelan businessmen with political connections to the socialist government of President Nicolás Maduro. Gustavo Hernandez Frieri, 45, was convicted of a single money-laundering conspiracy count and now faces less than 10… Read More
25th November 2019
A multinational energy firm accused by prosecutors of maintaining a fake set of accounts to disguise the payment of bribes to foreign government officials has been identified by the Guardian as the UK-based company Petrofac. Petrofac, which is headed by a major Tory donor, has been under investigation by… Read More
22nd November 2019
Swiss investigators have executed search warrants at addresses linked to Vitol and Trafigura, their counterparts in Brazil said on Thursday, as a sprawling probe into the global commodity trading industry intensifies. In a statement, Brazilian federal prosecutors said Swiss investigators searched the Geneva addresses on Wednesday as part of a… Read More
21st November 2019
The former chief executive of Brazilian petrochemical company Braskem SA (BRKM5.SA) was arrested on Wednesday in New York on charges that he took part in a scheme to pay millions of dollars in bribes to officials to secure government contracts. Jose Carlos Grubisich was charged with conspiracy to… Read More
18th November 2019
Investigations into money laundering at Danske Bank A/S should be expanded to include the lender’s possible use of gold as a way to help clients in Estonia hide their fortunes, according to Danish lawmakers. “Danske Bank has some explaining to do,” Torsten Schack Pedersen, a Liberal Party member on… Read More
15th November 2019
The German Parliament on Thursday passed a raft of anti-money-laundering measures to bring the country in line with EU directives. The reform packet imposes stricter regulations for real estate agents, notaries, precious metals dealers and auction houses to declare transactions to prevent money laundering and terrorism financing. The laws… Read More
13th November 2019
Europe’s threat to trigger a mechanism that could reimpose United Nations sanctions on Iran marks a significant breakdown in diplomacy to try to save the 2015 nuclear deal and could presage its death knell, diplomats say. Britain, France and Germany have sought to salvage the pact, under which Iran undertook… Read More