Category: Petrobras

A tax haven professes to stand on principle, risking pariah status

PANAMA’S most notorious moment as a haven for tainted cash came with the nationalisation of money-laundering in the 1980s under Manuel Noriega, a military strongman. It has since clamped down on egregious financial criminality, but remains home to thousands of secretive firms and famous for the discretion of its bankers… – Continue reading

Brazil eyes offshore cash in bid to boost gov’t revenue

PSDB amendment in Lower House cuts Speaker Cunha out of deal, but Senate still has final say BRASILIA — The Lower House of Brazil’s Congress has approved a controversial amnesty bill for undeclared offshore assets, despite criticism from opposition lawmakers who say it would allow the laundering of illegally gained… – Continue reading

Transparency International: G20 failing on corruption

Corporate corruption is still prevalent in rich Group of 20 nations despite their pledges last year to close loopholes, according to Transparency International. It has listed Brazil, China and the US among the offenders. Transparency International on Thursday labeled this weekend’s G20 summit in Turkey as a mere “photo opportunity,”… – Continue reading

Brazil lower house passes amnesty for unreported offshore assets

BRASILIA, Nov 11 (Reuters) – The lower house of Brazil’s Congress approved amnesty for undeclared offshore assets on Wednesday despite criticism from opposition lawmakers who said it would allow the laundering of illegally gained money. To reduce its budget deficit, President Dilma Rousseff’s government is hoping to raise 11 billion… – Continue reading

Head of Brazilian House of Representatives investigated for tax evasion

RIO DE JANEIRO, Oct. 28 (Xinhua) — Brazil’s Secretariat of Federal Revenue is carrying out an official investigation of Eduardo Cunha, head of House of Representatives, for tax evasion and other fiscal crimes, local daily O Globo said on Wednesday. Started in August, the investigation was based on information which… – Continue reading

Challenges for family offices in emerging markets

Leading family offices in Latin America and the Caribbean are going through a transitional period, says Steven Cantor, managing partner of Cantor & Webb, a Miami-based law firm, reports the Financial Times. “As the world moves to tax transparency, with a crackdown on undisclosed tax savings in Swiss bank accounts,… – Continue reading

Sevan’s agent implicated in Petrobras bribery scandal

An agent who brokered offshore contracts between Sevan Marine and Petrobras in Brazil has come under scrutiny after receiving up to $40m of Sevan’s money into its offshore bank account, Norwegian reports say. The agent’s company is now part of the investigation into whether ex-Sevan Marine employees made bribes to… – Continue reading

Nigeria’s Richest Woman Says Onshore Oil Taxation Too High

Nigeria’s 85 percent tax on onshore crude oil production is dissuading local investors from taking over assets from international oil companies, said Folorunso Alakija, an energy tycoon and the nation’s richest woman. Famfa Oil Ltd., founded in 1991 by Alakija, 64, has sought to acquire stakes in onshore oil fields,… – Continue reading

Company executives convicted in Brazil’s Petrobras scandal

SAO PAULO (AP) ” Three top officials of Brazil’s Camargo Correa construction company have become the first business executives to be convicted in the corruption-kickback scandal engulfing state-run oil company Petrobras. The Federal Prosecutor’s Office says Judge Sergio Moro on Monday sentenced the three on charges of money laundering, corruption… – Continue reading

Brazil police arrest another former Petrobras executive

Brazil’s federal police have arrested another former Petrobras (PBR +1.8%) executive as part of an investigation into a broader corruption scandal surrounding the company. Police arrested Jorge Zelada, the company’s director of international operations during 2008-2012; he replaced Nestor Cerveró, who has been convicted of money laundering and sentenced to… – Continue reading

Domestic Woes Drive Brazilian Wealth to Offshore Markets

The country’s affluent investors have roughly doubled their offshore investment, curbing growth at Brazil’s wealth management firms. Scandal, recession and weak oil prices have caused economic vitality to seep out of Brazil. Now the money is following. Wealthy Brazilians are sending more of their assets overseas because of concerns about… – Continue reading