Samsung Heavy Industries to pay $75 million to resolve foreign bribery case

Samsung Heavy Industries Company Limited (SHI) has agreed to pay penalties amounting to more than $75 million in order to resolve a U.S. government’s investigation into violations of the Foreign Corrupt Practices Act. The Department of Justice stated that SHI paid millions of dollars to a Brazilian intermediary knowing that some of the money would be used to bribe high-level executives at Petrobras to obtain a shipbuilding contract.

Vale ordered to halt operations at two more dams

A Brazilian court has ordered Vale SA, the world’s largest iron ore miner, to suspend operations at two more dams. The court demanded the company to prove the structures are stable, following an accident in the Vale’s facilities in January that killed about 300 people.

Rio de Janeiro suspends Vale’s port activities at Guaíba Island Terminal

Brazilian mining company Vale informed that it received a notice from the Mangaratiba City Government, in Rio de Janeiro, on March 11th, ordering the temporary suspension of port activities at the Guaíba Island Terminal. Vale claimed that it has all the necessary licenses for the regular operation of the terminal, issued by the competent authorities and it will take all appropriate measures to re-establish its activities at TIG. 

Vale’s terminal in Vitoria, Brazil closes

Brazil has closed a port terminal operated by miner Vale SA in Vitoria, in the southeastern state of Espirito Santo, Brazil. Specifically, Vitoria fined the company 35 million reais ($9.5 million) for throwing mining residues in the sea. Commenting on the development, Vitoria Mayor Luciano Rezende noted that ‘pollution cannot be justified by tax revenue any more’.

Prosecutors link trading majors with bribery scandal in Brazil

Brazilian prosecutors announced earlier this week that major oil traders Vitol, Trafigura and Glencore had paid over $30 million in bribes to  Petrobras employees. Petrobras employees offered these companies lower prices for oil, along with storage tanks, in more than 160 separate operations.

US fines Petrobras $853m for corrupt payments

Petrobras agreed with US and Brazilian authorities to pay $853.2 million in penalties to resolve the US government’s investigation into violations of the Foreign Corrupt Practices Act in connection with Petrobras’s role in facilitating payments to politicians and political parties in Brazil, as well as a related Brazilian investigation. 


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