US petroleum company accused of offering bribe in Colombia

(Photo: Info Sur Hoy)

US petroleum company PetroTiger Ltd is accused of having paid an official of Colombia’s state-run oil company Ecopetrol a $333,500 bribe to keep a $39.6 million oil-service contract with the Colombian firm, reported local media on Wednesday.

A joint release by Colombian president’s Secretary of Transparency and Ecopetrol said the ompany had violated anti-corruption laws in exterior countries, laws against money laundering, wire fraud conspiracy, as well as Colombian laws that prohibit the same behavior.

According to US federal prosecutors, criminal charges have been made against two former CEOs of PetroTiger Ltd., Joseph Sigelman and Knut Hammarskjold.

According to the Wall Street Journal, the ex-CEOs, to conceal the bribe, deposited transfers into Mr. Sigelman’s Philippine bank account, using a “side letter” to justify the transfers, and used code name “Manila Split” to refer to the payments between one another.

The two ex-CEOs face charges of 20 years for wire fraud conspiracy, 20 years for money laundering conspiracy and five years for each for violating the law against anti-foreign corruption.


The post US petroleum company accused of offering bribe in Colombia appeared first on Colombia News | Colombia Reports.

Since you’re here …

… we have a small favour to ask. More people are reading the Today Colombia than ever but advertising revenues across the media are falling fast. And unlike many news organizations, we haven’t put up a paywall – we want to keep our site as open as we can. So you can see why we need to ask for your help. Updating reports on Today Colombia takes a lot of time, money and hard work. But we do it because we believe our reports matter.
If everyone who reads Today Colombia, who likes it, helps to support it by clicking our ads, our future would be much more secure. Do you part, click on an ad today.

Written by Rico


"Rico" is the crazy mind behind the Q media websites, a series of onlinemagazines that includes Rico brings his special kind of savvy to online marketing. His websites are engaging, provocative, informative and sometimes off the wall, where you either like or you leave it. The same goes for him, like him or leave him.There is no middle ground. No compromises, only a passion to present reality as he sees it!