Petroleo Brasileiro SA, Brazil et al vs. U. S. Fidelity et al

Oil and Gas Surety Claim, Financial Advisor Surviving a Bankrupt Contractor Petrobras, the national oil company of Brazil, filed a claim under its surety bond with two U.S. insurance carriers, US Fidelity and Guaranty Company and American Home Assurance Company who had provided coverage to Brazilian contractors for the construction of two naval oil rigs known as P-19 and P-31 at a coverage amount of $110 million and $168 million respectively. P-19 was the conversion of a platform formerly used for oil and gas exploration into a semisubmersible oil and gas production platform. P-31 was the conversion of an oil... Read More...

Crosby Offshore Services, St. John’s, Newfoundland

Oil & Gas Management Fraud Stop it while you can This case involved a privately held company owned by a family who had been part of the country’s political history. The police had started an investigation aided by an outside accounting firm. Initially, the subjects believed that the matter would resolve itself. However, it continued with the prospect of becoming very serious. Some people believe that the more time an investigative body invests in a case, the more difficult it is for them to withdraw without making a criminal charge. The case was proceeding down this road. Retained by counsel... Read More...

Gulf Resources, Calgary, Alberta

Oil and Gas Bribery Oil Producing Bribes When a company’s management retains a forensic accountant to meet vendors regarding rumors of kickbacks, it obviously starts a lot of behind the scene movement between the payor and the payee when there is substance to the allegation. The phrase that describes such activity is simply actions not in the normal course of business, which can be reflected in both the personal and business relationships. For the forensic accountant, the question is whether or not a bad apple exists and the first challenge is to maintain the purity of both organizations. I consider... Read More...