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MISC named in global oil and gas bribery scandal

KINIBIZ Petronas subsidiary MISC has surfaced in a global bribery and corruption scandal involving US$10 million (RM33.4 million) of more than US$250 million (RM834 million) in bribes and other malpractices spanning six years, which centres around Dutch oil and gas (O&G) services company SBM Offshore.

According to a document listing possible fraud by SBM Offshore in various countries spanning Africa, Equatorial Guinea, Brazil, Iraq, Kazakhstan and Italy in addition to Malaysia, MISC was allegedly involved in payments to Barnado Limited and Delcom Limited totalling US$10 million (RM33.4 million) related to the Kikeh field floating production, storage and offloading (FPSO) platform.

“Payments to Barnado Limited and Delcom Limited totalling approximately US$10,000,000, paid on (ie by way of bribes) to ‘MISC’ for the Kikeh FPSO (leased to US oil company Murphy),” noted an entry on Malaysia.

Dutch business magazine Quote reported last week that the information from the document came from within SBM Offshore itself, stolen by a disgruntled former employee.

For the complete article go to KiniBiz .