Corruption policy, and our KYC and recruitment procedures to support our stance that we will not In another document, the lawyer Kabalan instructed Mossack Fonseca in 2005 to issue new shares for BB Naft because the originals had been sold to BB Energy Holdings N.V., a Curacao-based company publicly listed as part of the BB Energy group. Riad Bassatne and his son Wael remained owners of the remaining shares. If you have any queries about republishing please contact us. Reliance said in its statement its purchases of Venezuelan oil from Rosneft do not lead to any payments to PDVSA. Panamericanas former director, Jos L. Fernndez de Cosso Domnguez, is listed in the leaked documents as a director of Miramar Investment Corporation Ltd, Euro Foods Ltd, Racuza S.A, Caribbean Sugar Trader, Mercaria Trading S.A. and Sabradell S.A. Fernndez more recently served as Cubas ambassador to Japan and economic attach at the embassy in Paris. Hayes recently opposed a plan to bring forward a ban on selling new petrol and diesel cars. The Public Prosecution in Mount Lebanon has triggered a heavy-caliber scandal, by arresting two dealers who were supposed to supply the Lebanese Electricity Company with Algerian fuel used in generating electricity. MPs should take all necessary steps to avoid the perception or reality they are using their public position for private gain.. This is ostensibly because it was hard for the judiciary to find evidence linking ZR Energy DDMC and ZR Group Holding SAL, despite the testimonies collected by Mansour. Starting in the early 1990s, Cubas Ministry of Foreign Trade, through the Compaa Panamericana S.A, used Mossack Fonseca to create a string of disguised companies in Panama, the Bahamas and the British Virgin Islands that bought and sold medicines, cigars and food. In 2003, for example, BB Naft agreed to guarantee and meet the obligations of a loan obtained by BB Energy (Asia) Pte Ltd. from the Standard Chartered Bank of Singapore. . This story was originally published June 7, 2016, 10:06 AM. Formed in the 1960s, the group's activities span six continents. Plus, it is still not taking any of the precautions necessary today. the Home Energy and Conservation Act (HECA) report in Appendix 1. Miramar Playa. 2022 LOrient-Le Jour All rights reserved. For its part, ZR Energy DMCC denied any involvement in illegal practices. ZR Energy DMCC wrote on its website, ZR Energy DMCC and Mr. Zaouk are incidental victims of this sinister power struggle.. The new certificates, for 800 shares, were to be issued in the names of 10 members of the Bassatne family, including 160 shares for Riad Bassatne. Paterson had, on 16 occasions, used his House of Commons office for meetings relating to his private business interests. Patersons lobbying interests extended to sausage company Lynns Country Foods who paid him 12,000 for just 24 hours of work each year. At this stage, all defendants are innocent until found guilty, the lawyer said. However, the criminal court announced his innocence to the Algeria Judicial Council, which was concerned with the ongoing investigations in the second Sonatrach case. MEXICO CITY (Reuters) - (This April 18 story corrects to make clear Reuters could not determine payments were made under the proposed arrangement, removes reference to Evrofinance Mosnarbank and clarifies that experts see no violation of sanctions). Last month he and. Following the publication of Reuters report on Thursday, Reliance said in its statement that it had purchased Venezuelan crude oil from Rosneft long before the imposition of U.S. sanctions on PDVSA in January, as the Russian company received oil in return for a reduction in Venezuelas debt. Judge Aoun has charged 12 people in the case, including Electricite du Liban director-general Kamal Hayek for negligence of duty, and Hleiss and director of oil at the energy ministry Aurore Feghali for bribes and negligence of duty. Hayes declared his role at the oil traders, and there is no evidence that rules have been broken. The offer letter, seen by Reuters with its date redacted, said that Rosneft had agreed with PDVSA to pay BB Energy's $26 million debt to the Venezuelan state oil company and then to seek. Miqati Says Cyprus Still Waiting for Lebanon's Ratification of Maritime Border Agreement. BB Energy bought oil on the day prices turned negative. Tens of thousands of teachers take action, Some workers defied a government strike ban, Teachers report more picket lines than last time, This article is over 1 years, 3 months old, Its not just the bodies that Boris Johnson let pile highits the cash too, reports Sam Ord. BBC Arabic's Moe Chreif tells us about the biggest corruption investigation in the history of Lebanons energy sector, which resulted in allegations involving multi-million dollar agreements, bribery, and shipments of substandard oil. Swiss lawyer Albert-Louis Dupont-Willemin appears as a director of several of the Cuban companies, among them Miramar Investment Corporation Ltd. and Pescatlan S.A. Forgery, using counterfeit documents, bribery, fraud and professional misconduct these are the charges brought against 22 people and entities following a pretrial investigation into a case of. Instead, investigations have revealed that at least two companies owned by Lebanese businessmen, BB Energy and ZR Energy, were bringing in the fuel. Regardless of whether payments flowed directly to PDVSA or remained in Russia to pay down debt, the proposed approach appears to present no violation of sanctions by any of the entities because no U.S. citizens, currency, companies or financial institutions seem to be involved, according to four sanctions experts consulted by Reuters. John Hayes works for BB Energy as a strategic adviser, Politicians accused of being worryingly cosy with oil and gas firms as its revealed almost one in ten Tory peers has financial stake in the sector. By April 28, Mount Lebanon Public Prosecutor Ghada Aoun said 21 people had been arrested in the case, mostly employees of the Oil Installations. Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region's best source of business information. With approximately 24 million metric tonnes of physical crude oil, petroleum products and gas traded annually, BBE is one of the most active gas-oil, gasoline, fuel oil and bitumen traders. Under the new approach described to Reuters, Venezuelan state oil company PDVSA has at least twice asked its clients to make payments to Rosneft for Venezuelan oil, according to the documents. They include BB Energy Trading Ltd., BB Energy Management S.A., BB Energy Holdings NV., BB Energy B.V., BB Energy (Asia) Pte. Companies with Cuban capital or activities on the island. Yacoubian said that high-level responsibility for the secret contract with Sonatrach and years of faulty fuel imports should be explored. The Public Prosecution Office began investigating them to the backdrop of the ongoing debate, in Lebanon, over spoiled fuel bought by the electricity company from the Algerian oil company, Sonatrach, which ranked thirteenth in the ranking of oil companies in the world. The branch he was managing, which was a subject for the report of the General Inspectorate of Finance, was dissolved. Fresh scrutiny has been applied after it was revealed former Attorney General Sir Geoffrey Cox was being paid hundreds of thousands of pounds advising the British Virgin Islands' government in a corruption investigation. A former Tory Party chairman told The Sunday Times, Once you pay your 3 million, you get your peerage.. The company said it saved Ghana over $2.8million when it sold the crude to the firm at a discount of $2 instead of the normal $5 a barrel. All individuals involved in this initiative - including co-founders, advisory board members, and experts - are serving in their personal capacity. The leaked documents confirm the existence of these types of foreign companies, with at least partial Cuban government capital. How the 61-year-old embargo is blocking Cubans from finding sponsors in the U.S. The publication was sponsored by Global Warming Policy Forum, a think tank founded by climate change denier Nigel Lawson. Campuses would have to give up testing resources and send them to Randox, they continued. Boris Johnson initially backed Paterson. BB Energy Location 12-14 Ansdell St, London, Essex, W8 5BN, United Kingdom Description Read More Industry The internal PDVSA document said the sales would allow the partial completion of the financial scheme of advanced payments between PDVSA and Rosneft. The PDVSA source said the company was proposing the new arrangements known as factoring to allow PDVSA clients to receive oil without making direct payments to the Venezuelan state oil company in the wake of Januarys sanctions. The Cuban military is estimated to control at least 60 percent of the islands economy. One Bloomberg report showed BB Energy. Hayes, who was once described as the champion of the motorist during his time as a transport minister, also recently contributed to a report critical of the government's net-zero policies. If youre rich and want a place of power in politics, donate 3 million to the Conservative Party and youre likely to gain a peerage. From the beginning of the pandemic, Labour leader Keir Starmer spent nearly all his time agreeing with Boris Johnson in a show of national unity. In one email exchange in 2011 involving a British company representing ALIMPORT the Cuban state agency that handles food and agricultural imports, valued at nearly $2 billion in 2014 that wanted to open an account with the BBVA bank, a bank employee in Great Britain asked why documents related to Miramar Investment Corporation Ltd had been notarized in Switzerland. Those front companies, the source added, also help Cuba carry out foreign trade transactions in U.S. dollars, forbidden by the embargo until President Barack Obama lifted the restriction earlier this year. Like the extractives sector, the renewables industry requires substantial capital investments, which can come with substantial risks of . Word in the news: black rain Children love it, businesses hate it Pody Lui from BBC Hong Kong explains the rain warning system, and why black rain warnings are taken so seriously. The women pushing boundaries in Pakistans rural milk marketIn rural Pakistan women milk cows, but male relatives take the milk to male-run collection centres. Above all, the government remains ahead in the opinion polls even though it presides over one of the worst death rates in the world. Tory whips threatened MPs with the loss of local funding unless they fell into line. The development has had mixed reactions. ZR Energy DMCC was not aware of any deficiency and relied on the representations of independent and internationally recognised third-party testers who certified that it was on specification when ZR Energy DMCC handled the cargo, a representative of ZR Energy DMCC said. Please enable JavaScript in your browser to submit the form, - | 01.03.2023. The Panama Papers also show that Labiofam S.A., the marketing branch of Grupo Empresarial Labiofam, a Cuban government company that produces vaccines, medicines and other products for the control of carriers of diseases, owns shares in BioAsia Ltd. That company was founded with an investment of 10 million euros from Vietnam, southern Asia and the United Kingdom and lists Mossack Fonseca as its registered agent. The judge is the one who has the power to add to or drop the charges.. With its economy reeling from years of recession and a sharp decline in oil production, Venezuela was already struggling to finance imports and government spending before Washington imposed tough restrictions on PDVSA in January. Former prime minister Theresa May has made 842,526 giving paid speeches since March 2020. Zaouk is connected to Rahmeh, however, through another company, ZR Energy SAL Offshore, of which Rahmeh is a majority stakeholder and which, along with Zaouk, has a share in ownership of the Lebanese firm Domaz Holding. Instructions for the change were sent by Iulia Ispas, legal adviser to BB Energy Trading Ltd. Emails exchanged by Mossack Fonseca lawyers also point to company operations in Syria and Iraq. These high paid speeches have addressed bank JP Morgan Chase and World 50 Incan exclusive club for senior executives. Mango madness in IndiaSouth Asia diaspora reporter Gaggan Sabherwal shares the story of the Indian couple whove employed security guards after discovering they had planted an extremely rare mango tree by mistake at $50 a mango they aren't taking any chances! It targets Tarek Fawal, who is in charge of clearing Sonatrach BVIs transactions related to receiving and unloading fuel shipments in Lebanon, and is accused of bribery, forgery and using counterfeit documents, as well as Zaouk. The case dates back to March 2020, when EDL reported to the judiciary that it had received a shipment of poor-quality fuel, even though the results of tests conducted at the port of exit and upon the fuels arrival at the Beirut port showed the opposite. The Panama Papers show Dupont-Willemin as a director of a total of 49 offshore companies in the British Virgin Islands, five in Panama and two each in the Bahamas and Seychelles islands. The family controls BB Energy, a conglomerate founded in Lebanon in 1937 that buys and sells 16 million metric tons of crude and derivatives each year. Such deals, however, may be authorized by the Treasury Departments Office of Foreign Assets Control or the Commerce Departments Bureau of Industry and Security. Then Paterson resigned, cancelling future parliamentary votes. Records of a meeting in Dubai in March of 2011 reflect a decision to significantly reduce the capital of BB Naft, held by BB Energy Holdings NV., from $8 million to $1.050 million. The upgrade of the Number 10 flat is now expected to be the subject of another inquiry. The Sunday Times newspaper has revealed a phone call on 9 April last year between Paterson and the Tory peer Lord Bethell, who was the minister responsible for handing out contracts. Last month, he also joined calls from Tory MPs to allow shale fracking to resume in the UK. El Nuevo Herald identified at least 25 companies registered in the British Virgin Islands, Panama and the Bahamas and linked to Cuba. 1) BB Energy Holdings N.V., Curaao Our holding company involved in global Oil & Gas trading activities and owns the below subsidiaries: BB Energy Trading Ltd., London Europe and the Mediterranean region BB Energy (Gulf) DMCC, Dubai Middle East, Arabian Gulf, Red Sea, East and South Africa, Pakistan, Western side of India and the CIS Finally, Sonatrach rarely markets its fuel through intermediaries, and its fuel is sold through intermediaries well-known in the market. This raised many questions about the timing, and the reasons for neglecting it all these past years. The Committee on Standards suggested Paterson should just be suspended from the Commons for 30 days. Ltd. and Singapore-registered PowerCo International Pte. It said it had purchased Venezuelan oil from Rosneft that was provided by PDVSA to the Russian company in repayment of past loans, so no money was flowing back to Maduros government. And the case of Sabradell S.A., headed by Panamericana director Jos L. Fernndez de Cosso Domnguez for a time and dissolved in 2008. Thats why the Tories manage to survive scandal after scandal. Sir John's earnings put him among the most well paid MPs. Our role was to advise the council on how to reduce carbon emissions and make space for nature across the borough. Baha Bassatne remained the sole Sonatrach broker until Abdelmoumen Ould Kaddour was appointed general manager of the company and imposed another intermediary. The governments own Climate Change Committee warned in March that there is little, if any, room for increased fossil gas consumption if the goals of the 2015 Paris Climate Agreement are to be met. PDVSAs contemplated payment agreement with Rosneft is part of a series of methods used by Maduros government to gain access to cash, including selling Central Bank gold reserves. BB Energy is one of the world's leading independent energy trading companies. At the time of renewal of the contracts related to supplying the Lebanese market in December 2018, ZR Energy, owned by Teddy and Rimon Rahma, took a share of it for 3.75 USD/metric ton for Sonatrach, the thing which Tarek Fawal insisted on denying in his interview to the Lebanese newspaper al-Akhbar. Its worth mentioning that influential Lebanese politicians, from both ends, support these companies and compete to impose them as fuel importers. The latter said in a televised address that he discouraged Hleiss, one of his childhood friends, from going to the court. The Bassatne family incorporated BB Naft Trading S.A. in Panama, with Jrgen Mossack as a director. Instead of seeking to polish and rescue parliaments reputation, Labour and the unions should be campaigning for a complete clean out of corrupted MPs. The inspectorate registered many irregularities and estimated that this branchs deals with the parent company, Sonatrach, and the ministry of defence involved inflated bills. There have been unconfirmed reports that Luis Alberto Rodriguez Lopez-Calleja divorced Deborah Castro Espin in recent years, but he remains in charge of Grupo de Administracin Empresarial S.A., (GAESA) and the governments signature port of Mariel development project. The contract may be summarized as follows: Sonatrach will give its name to the shipments of Baha Bassatne, who buys fuel from the Swiss company Vitol, for 3.5 dollars per metric ton, while he makes 25 dollars as profit in his deals with the end customer in Lebanon. This evolutionary approach not only applies to our services, but also our people. Real-time updates and all local stories you want right in the palm of your hand. Still, the Office of Foreign Assets Control (OFAC), which enforces sanctions, has given no indications it would take that route. This article was originally published in French. Ukraine's track record of massive corruption in energy is a sadly familiar story. The news website Diario de Cuba has identified the director of foreign investments at the Foreign Trade Ministry, Dborah Rivas Saavedra, as another of the directors of Racuza, Miramar Investment Corporation Ltd and Caribbean Sugar Trader. But so much of the criticism is phrased as a defence of parliamentary standards and the good name of British democracy. With challenges consistently facing the energy industry, we are constantly evolving, using advanced systems, procedures and processes to provide the best answers for our clients. Public documents show for example that Vitol and Glencore have used intermediaries to funnel over US$31 million in bribes to corrupt Petrobras employees in the past so that they may win big contracts, along with acquiring other benefits. However, the dates for the first court hearings, which will be open to the public, have yet to be announced. The low-quality fuel in question was brought to Lebanon in March, under a secret contract signed with Algerian state company Sonatrach in 2005. Its got through to him that there is a chance to inflict real blows on the Tories. The decision to award ZR Energy DMCC a new contract, despite its alleged involvement in the tainted fuel case, was explained by the presumption of innocence a principle applicable as long as no [verdict] was issued, an official source said. The Office for Budget Responsibility warned in July that while the costs of reaching net zero are significant, they could be much higher if the government delays acting until 2030. 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