Oil Traders Won Ecuador Deals With $70,000 Watch and Bags of Cash [BNN Bloomberg (Canada)]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: BNN Bloomberg
Those are just some of the bribes paid to win oil trading business in Ecuador, according to testimony heard in a Brooklyn courtroom over the past four weeks. Commodity traders have a reputation for brown envelopes and backhanders that dates back at least to the days of Glencore Plc founder Marc Rich. But the trial of a former Vitol Group trader has provided an unprecedented window into brazen wrongdoing that continued even into the current decade. Testimony from Nilsen Arias, the former head of international trading at Ecuador's state oil company and Antonio and Enrique Pere, two brothers who handled the bribe payments, has shown just how widespread corruption was in the past 15 years — both among the world's largest oil traders, and within Ecuador's political elite. Their accounts have implicated at least six international companies, including three of the world's largest oil traders: Vitol, Gunvor Group and Trafigura Group. And they have accused numerous Ecuadorian officials
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