Friday, April 01, 2016

Unaoil bribery scandal: Samsung, Hyundai, Rolls-Royce implicated in $1tn oil industry corruption...

Samsung, Hyundai and Rolls-Royce are among the companies that have been implicated in a major global oil industry scandal. The revelation surrounds a mysterious Monaco-based company called Unaoil which is accused of bribing government officials to secure technology business deals in the energy industry for international corporations. An estimated $1tn (£700bn) in bribes was paid out to corrupt officials in total.

According to tens of thousands of internal Unaoil emails and documents seen by the Huffington Post and Fairfax Media, South Korean firms Samsung and Hyundai; British firm Rolls-Royce; US companies Honeywell, Halliburton, KBR and FMC Technologies; Germany-based Man Turbo; and hundreds of other major international brands relied on Unaoil to secure lucrative contracts with a multitude of countries in the Middle East, Africa and the former Soviet Union.

The evidence, dated between 2003 and 2012, shows that large multinational corporations used Unaoil's help to win contracts in multiple countries including Iraq, Kazakhstan, Libya, Syria and Tunisia, and that these companies' involvement probably helped to fuel political instability in the Middle East and some parts of Africa that erupted during the Arab Spring and continues to be exploited by terrorist groups today. Full story...

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