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CorpWatch Exclusives

Tanzanian Officials Arrested For Failure to Publish Natural Gas Contract Details
by Pratap ChatterjeeCorpWatch Blog
November 7th, 2014
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.

Major Banks Prepare to Pay Billions For Foreign Exchange Manipulation
by Richard SmallteacherCorpWatch Blog
October 31st, 2014
Multinational banks are preparing to pay out billions of dollars in fines to settle charges of foreign exchange manipulation. Some 19 investigations in ten different legal jurisdictions are now winding their way to completion and analysts says the final tally may hit $41 billion.

Fashion District Businesses Accused of Laundering Mexican Drug Money
by Richard SmallteacherCorpWatch Blog
September 30th, 2014
One thousand law enforcement officers staged an early morning raid on dozens of businesses in Los Angeles fashion district to seize $65 million allegedly derived from drug trafficking. QT Fashion, a company that imports wholesale maternity wear from China to Mexico, provided a key to the money laundering scheme.

“Operation Car Wash” Uncovers Alleged Political Bribery by Petrobras
by Richard SmallteacherCorpWatch Blog
September 9th, 2014
Paulo Roberto Costa, former head of Petrobras' refining and supply unit, has named dozens of politicians who allegedly took bribes from the Brazilian company. Costa claims that Petrobras paid out three percent of the value of new contracts to the politicians in return for favorable votes for the government.

Bank of America to Pay $16.65 Billion to Settle Mortgage Fraud Charges
by Pratap ChatterjeeCorpWatch Blog
August 21st, 2014
Bank of America has agreed to pay the government $9.65 billion to settle charges of misleading investors over mortgage lending in the run up to the 2008 financial crisis. The bank will also pay out an additional $7 billion to help borrowers and communities affected by the loans.

Caterpillar Uses Swiss Subsidiary to Avoid Billions in Taxes
by Rozali TelbisCorpWatch Blog
April 14th, 2014
Caterpillar - one of the world’s largest maker of construction and mining equipment - used a subsidiary in Switzerland to avoid paying $2.4 billion in taxes over a period of 13 years, according to a new U.S. Senate report titled ‘Caterpillar’s Offshore Tax Strategy.’

Goldman Sachs Sued for Selling Libya Billions in "Worthless" Options
by Richard SmallteacherCorpWatch Blog
January 31st, 2014
Goldman Sachs, the Wall Street investment bank, is being sued in London for selling Libya “worthless” derivatives trades in 2008 that the country’s financial managers did not understand. Libya says it lost approximately $1.2 billion on the deals, while Goldman made $350 million.

Major Banks Suspend Foreign Exchange Traders Over Market Manipulation
by Pratap ChatterjeeCorpWatch Blog
January 20th, 2014
Several major banks – notably Citibank, Deutsche Bank and HSBC - have suspended over a dozen global foreign exchange traders in a growing scandal over manipulation in the $5.3 trillion-a-day market. Barclays, Goldman Sachs, JP Morgan, Royal Bank of Scotland, Standard Chartered and UBS are also being investigated.

Aluminium Bahrain Bribery Case Collapses
by Pratap ChatterjeeCorpWatch Blog
December 12th, 2013
A lawsuit against Victor Dahdaleh, a Canadian-British billionaire, for allegedly paying £39 million ($65 million) in bribes to win supply contracts worth £2 billion ($3.2 billion) from Aluminium Bahrain (Alba) has collapsed.

Blackstone Group Buys Houses in Bulk to Profit from Mortgage Crisis
by Laura GottesdienerTomDispatch.com
November 28th, 2013
Blackstone Group, a major private equity firm, has bought up 200,000 houses in cities hardest hit by the economic meltdown. They hope to profit by renting homes to poor people and securitizing the cash flow – the very plan that caused the crisis in the first place.

JP Morgan May Escape Criminal Charges for $13 Billion
by Pratap Chatterjee
October 22nd, 2013
JP Morgan, the Wall Street bank, is negotiating to escape criminal prosecution for its role in the sub-prime mortgage crisis in return for paying the U.S. government roughly $3 billion, plus $6 billion to investors, and another $4 billion to compensate home owners.

BSGR Investigated for Corruption in Guinea Iron Ore Deal
by Richard Smallteacher
October 4th, 2013
BSGR, an Israeli mining conglomerate, is under investigation for the acquisition of mining rights to the Simandou iron ore deposit in Guinea, said to be the biggest in the world.

JP Morgan Fined Over $1 Billion for Wall Street Scams
by Richard SmallteacherCorpWatch Blog
September 20th, 2013
JP Morgan, the Wall Street investment bank, has been fined $920 million for violating trading laws that were discovered after trader Bruno Iksil (nicknamed the “London Whale”) lost billions in bets last May. It was also fined over $80 million for credit card scams in an unrelated incident.

GlaxoSmithKline Alleged to Pay Bribes in China
by Pratap ChatterjeeCorpWatch Blog
July 15th, 2013
GlaxoSmithKline (GSK) has been accused of bribing doctors in China in order to boost sales. Chinese government officials say they have uncovered evidence of a bribery scheme involving 700 travel agencies who were used to funnel as much as three billion yuan ($480 million) in payments.

Anglo Irish Bank Executives Joked About Billion Euro Bail Out Scam
by Pratap ChatterjeeCorpWatch Blog
June 24th, 2013
Executives at one of Ireland’s biggest banks laughed and joked about how they were going to fool the Central Bank into bailing them out, according to a tape recording obtained by the Irish Independent. The failure of Anglo Irish Bank is eventually expected to cost the taxpayer €30 billion.

Cat and Mouse Game for Wall Street Hedge Fund
by Richard SmallteacherCorpWatch Blog
June 4th, 2013
Steve Cohen, the billionaire founder of the most profitable hedge fund in history with $15 billion in assets averaging 30 percent in annual profits for two decades, has become the most watched man on Wall Street. Will he lose all his outside investors and will he go to jail?

Neither Admit Nor Deny: Big Business Allowed To Pay Millions to Avoid Jail
by Pratap ChatterjeeCorpWatch Blog
May 5th, 2013
Record fines adding up to $36 billion have been paid out in the last 12 years by multinational corporations to the U.S. government to settle charges of corruption and fraud. But are they getting away with a slap on the wrist to avoid prosecution for major crimes?

Alstom Officials Paid Bribes To Win Indonesian Coal Contracts
by Pratap ChatterjeeCorpWatch Blog
April 22nd, 2013
Alstom, a French engineering company, has been accused of bribing Indonesian officials to win a lucrative contract to build coal power plans in Sumatra. Frederic Pierucci, a French employee of the company, was arrested and David Rothschild, a U.S. employee, has pled guilty.

KPMG Senior Partner Caught for Insider Trading
by Pratap ChatterjeeCorpWatch Blog
April 9th, 2013
KPMG, the fourth biggest accounting firm in the world, has announced that it has fired Scott London, one of its top partners. New reports indicate that London was let go for providing insider information on two companies – Herbalife and Skechers.

Cyprus Banks Gamble Away Russian Billions
by Pratap ChatterjeeCorpWatch Blog
April 2nd, 2013
What role did senior executives of the Bank of Cyprus and Laiki Bank play in the collapse of Cyprus banking? Billions of euros - mostly invested by Russians and Ukranians attempting to dodge taxes - have been gambled away in the last few years.

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