Bribery, Fraud & Tax Evasion
European Union regulators plan to fine Bayer and Chemtura this week for fixing prices of rubber chemicals, according to four people with firsthand knowledge of the investigation.
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The $2.9 billion plant that bankrupt U.S. energy giant Enron built was a technological breakthrough and still represents the largest single foreign investment in India. But since shutting down almost four years ago, it has proven more of an embarrassment than a showcase.
The Government Accountability Project (GAP) today released the Vaughn Report, commissioned by the World Bank as a guide to modernize the Bank's whistleblower protection policies. In the nine months since the Vaughn report was released on April 30, 2005, the World Bank has refused to publicly release the report, consult staff on Vaughn's recommendations, or accept any offers from experts to help implement Vaughn's analysis.
At some point it dawned on the wheeler-dealers at Enron that selling real things - like gas and oil - had it limits. What they needed were products that had no physical limits. Energy contract futures were their first discovery, and how sweet they were. No more messy oil or smelly gas to deliver - just electronic bookkeeping notations. That's when Jeffrey Skilling discovered a product so ephemeral it bordered on metaphysical - bandwidth.
Two senior Tanzanian officials were arrested after they failed to produce details of 26 multi-billion dollar agreements signed with Statoil of Norway; the BG Group and Ophir from the UK; and ExxonMobil from the U.S. Opposition politicians want assurances that the money will be spent in a transparent manner.
Ugly scenarios played out repeatedly on the world stage in the past decade as Enron emerged as the dominant force in the energy industry. While Enron built a reputation as a savvy deal maker and charitable giver in the United States, it has long been perceived quite differently abroad.