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Stockreport

Inside the bribery scandal sweeping through the oil industry [MSN Money]

ROYAL DUTCH SHELL (RDS.B)  More Company Research Source: MSN Money
PDF A top oil executive walked into the marble lobby of an exclusive Milan hotel on a chilly winter night. His dinner date was a former Nigerian oil minister offering to sell one of Africa’s biggest untapped oil discoveries. Quotes in the article Eight years later, the question of whether the $1.3 billion paid for the license to that prized oil field was mostly a bribe is at the heart of one of the biggest bribery scandals the oil industry has ever seen. Part of a broader crackdown, the case has reached into the highest levels of the executive ranks of Royal Dutch Shell PLC, the second-largest Western oil company—including wiretaps on its chief executive—and into Eni SpA, Italy’s state-backed oil company. Italian prosecutors say Claudio Descalzi, the senior Eni executive at the Milan dinner, and high-level Shell officials approved an arrangement that allowed them to pay the government while knowing most of the money would be transferred t [Read more]

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