The most recent revelations from Transpetro’s former chief executive Sergio Machado demonstrate both the vulnerability of the shipping industry to bribery and the lack of adequate controls in place to address it. Machado has alleged that bribes in the form of propinas (Portuguese for “tips”) were paid after leading tanker companies were awarded bareboat tanker charters. The total amount paid in this manner may have been as high as $9.7m.
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Compliance takeaways on third parties in aftermath of the Petrobras scandal
Shipowners that ‘consciously disregarded’ red flags with respect to their third-party activities can be just as liable for bribery, writes Katya Lysova, associate of member services and advocacy at Trace
25 August 2016 17:00 GMT
Updated
25 August 2016 17:00 GMT