Americas News
Bunker Player Investigated as Part of Suspected Multi-Billion Dollar Brazilian Fraud Scandal
A federal judge in Brazil has said bunker player Cockett Marine Oil Ltd Brazil (Cockett) is among a number of firms that deposited funds into bank accounts implicated as part of the unfolding alleged multi-billion dollar Petrobras bribery scandal, local media reports.
Judge Sergio Moro cautioned that while the findings so far do not support any conclusion of wrongdoing, they do warrant further investigation.
According to the reports, amounts in the millions of dollars had been transferred from accounts belonging to Cockett into the accounts of Nelson Martins Ribeiro, a man who Brazilian police describe as a money launderer.
It was said that Ribeiro has been connected to a suspected $3.9 billion bribery scandal surrounding service contracts for state-run Petrobras, having personally transferred millions into accounts of Petrobras executives including former director of supply Paulo Roberto Costa and former director of services Renato Duque.
In total, it was said that movements of cash through suspect accounts controlled by Ribeiro totalled over $190 million.
Judge Moro noted that Cockett, a subsidiary of Vitol Group, provided fuel for the Petrobras tanker fleet.
Vitol has reportedly so far declined to comment on these developments.
The information comes to light as a result of investigations that are part of Brazil's Operation Lava Jato (Operation Car Wash) anti-corruption drive, in progress since March 2014.
In August, Ship & Bunker reported on plans by Petrobras to divest 25% of its fuel distribution business in a billion-dollar transaction.
