A middleman in a graft scheme at Brazilian state oil company Petrobras has impli...
BRASILIA/RIO DE JANEIRO - A middleman in a graft scheme at Brazilian state oil company Petrobras has implicated the chairman of global energy trading firm Vitol in a bribery operation to obtain oil contracts, as well as two high-ranking executives at rival Trafigura and its former CEO, according to plea bargain testimony seen by Reuters.
An oil industry insider with decades of experience, Herz pleaded guilty in August to Brazilian prosecutors’ charges that he formed a “criminal group” that used his contacts in the sector to funnel bribes from Vitol and Trafigura to Petrobras employees from 2011 to 2014 in return for sweetheart fuel trades benefiting the commodity trading firms.
He provided documents showing Trafigura’s Wainwright was copied on an email referencing what Herz alleges were bribe payments. In his August testimony, Herz said Wainwright was involved in facilitating the payments. In a statement, Vitol said it would not be appropriate to comment on Herz’s testimony “beyond reiterating our zero tolerance policy in respect of bribery and corruption and our policy of cooperating fully with the relevant authorities in all the jurisdictions in which we operate.”
“Any suggestion that Trafigura’s current management knew that its payments would be used to make improper payments to employees of Petrobras is not correct,” the statement said. “Trafigura has a zero tolerance policy on bribery and corruption.” In his testimony, Herz said that his business partner, Bo Ljungberg, negotiated a back channel through which Vitol paid bribes to Petrobras employees in exchange for confidential Petrobras information.
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