Thread by @DawsonSField

Trafigura under the microscope for bribing Brazilian oil company Petrobras.
Trafigura is part of the oil services middle man market, where they can pass bribes back & forth between oil producers, big oil companies, banks & the politicians that protect them. #ButNothingsHappening

https://twitter.com/FinCrimeEdu/status/1339218253630025733

The cases are now transitioning from pursuing the corporation & securing their cooperation phase, to using the #receipts to go after the executive behind the corruption.

Brazil is sharing the information from the case with the FBI & DOJ. Which is coming full circle since the FBI shared the evidence with Brazil in 2014 that kicked off many of the #ButNothingsHappening cases.

Trafigura's global execs tried to pin everything on local executives in Brazil. But those execs have flipped & are now cooperating against the parent company.

Everyone complains about the cooperation agreements prosecutors sign with corporate entities, but they are the key to collecting the evidence & identifying the suspects to prosecute & to flip them against the rest!

These investigations are not just about one company either. Several of their rivals are in the crosshairs too including Vitol, Cockett (that's a new target for me) & Glencore.
Glencore was founded by Marc Rich (of Clinton pardon fame) to create this business model in the 1970s.

They apparently used info from Brazilian Trafigura executive Mariano Ferraz to seize $1B in assets from other executives! He was arrested in 2016 & convicted in 2018 before he finally flipped.

I have a bunch of threads on these oil middle man companies. Essentially they are the root of the Swamp, they make corrupt deals with dictators, then pay off politicians & the foreign policy establishment to protect those corrupt regimes for 'stability'.

https://twitter.com/DawsonSField/status/1308139764151918592?s=20