Sun, Jan 03, 2016 - Page 13 News List

Probe deepens into Rolls-Royce corruption scandal

SCHEME:Engineering giant Rolls-Royce has declined to answer allegations against Julio Faerman, who has been charged with bribery, money laundering and tax evasion

The Guardian

Rolls-Royce Holdings PLC is facing fresh questions over its ties to an influential Brazilian businessman after he was charged in connection with a high-profile corruption investigation known as Operation Black Blood.

Businessman Julio Faerman, who worked as a representative for Rolls-Royce in Brazil, was charged before Christmas with alleged bribery, money laundering and tax evasion as part of a scheme involving a Dutch company and Brazil’s state-owned oil giant Petrobras.

Rolls-Royce has repeatedly declined to comment on its relationship with Faerman, who told the Guardian his company acted as an agent for Rolls-Royce when it sold power turbines to Petrobras for offshore oil platforms. Faerman denies any wrongdoing.

The British engineering group is currently cooperating with Brazilian authorities investigating alleged corruption at Petrobras and its contractors.

Earlier this year, allegations emerged that Rolls-Royce paid bribes to a ring of Petrobras executives and politicians via its agent in exchange for a US $100 million contract with the oil company.

The allegations against Rolls-Royce form part of a widespread, multibillion-dollar scandal that has engulfed Petrobras and other major Brazilian and foreign companies.

The scandal, which continues to unfold, has had a profound impact on the Brazilian economy and political landscape.

Prosecutors behind Operation Black Blood have charged a group of 12 individuals, including Faerman and his business partner, for their alleged participation in a long-running bribery scheme between Petrobras and one of its major contractors, SBM Offshore NV, which builds specialist ships for the oil and gas industry.

Faerman, a former sales agent for SBM in Brazil, was allegedly involved in arranging multimillion-dollar bribes for the Dutch company. At least US$46 million of payments were made via Swiss bank accounts, said a statement from federal prosecutors in Rio de Janeiro.

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