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The experience of São Tomé, a poor country that supports itself by selling cocoa and commemorative stamps featuring celebrities like Elvis Presley and Brigitte Bardot, shows how just the hint of oil can set off a scramble for riches.
Oil majors Shell, BP and ExxonMobil dominated todays World Summit Greenwash Academy Awards, beating Biotech giants Monsanto, Novartis and Aventis in a glittering award ceremony in Johannesburg. Local South African underdog Sasol edged out Eskom for Best Picture.
Prince Bandar bin Sultan, a member of Saudi Arabia's royal family and the kingdom's former ambassador to the United States, pocketed about $2 billion in secret payments as part of a $80 billion arms deal between Britain and Saudi Arabia first signed in 1985, British media reported Thursday.
The Texas-based oil-services company Baker Hughes pled guilty on April 26 in a U.S. federal court to violating U.S. antibribery provisions, and agreed to pay a fine of $44 million.
The U.S. Securities and Exchange Commission and the U.S. Department of Justice have summoned the chief executive of French energy giant Total SA to explain the group's activities in Iran, a French newspaper said on Tuesday.
Colombia's chief prosecutor said Tuesday he will demand the extradition of eight people allegedly involved with Chiquita's payments to right-wing paramilitaries and leftist rebels in a region where it had profitable banana-growing operations.
A former Colombian security official who claims he saw an official of a U.S.-based company pay for the murders of union leaders in the South American country can testify in the upcoming civil trial over the deaths, a U.S. judge ruled Tuesday.
US banana company Chiquita Brands International has said it will plead guilty to a count of doing business with a paramilitary group in Colombia.
An energy company plants trees and donates electric cars to advertise its environmental commitment while polluting the air with coal-fired power plants for three-quarters of its energy. Hypocrisy? No, business as usual for many corporations, according to Earthsummit.biz, the latest from Food First Books and CorpWatch, published to coincide with the World Summit on Sustainable Development in Johannesburg.
Even as Siemens has reported buoyant financial results - thanks in part to Kleinfeld's overhaul of its operations - it has been hit with a fast-expanding corruption scandal that threatens to sink its reputation.
Human Rights Watch Report: Rivers State, Nigeria Local Governments Squander Oil Revenues Instead of Funding Health, Education
Benon Sevan, the administrator who was in charge of overseeing the United Nation's oil-for-food programme for Iraq, was indicted on Tuesday on federal charges of bribery and conspiracy to commit wire fraud, as part of a growing attempt by prosecutors to hold UN employees accountable to US laws.
Five Siemens executives have been arrested in raids at Siemens offices across Germany this week. Prosecutors are investigating charges of embezzlement and bribery at the company.
Former Enron CEO Jeff Skilling was sentenced today to 24 years in prison for his role in the energy company's 2001 collapse in what has become one of the nation's biggest corporate scandals.