Four independent non-executive directors of Serba Dinamik have resigned, citing differences of opinion over the Malaysian oil and gas services company’s decision to take legal action against its former external auditor, KPMG.
The head of Russia's biggest oil company Rosneft met with a government minister in what turned out to be a law enforcement sting operation, according to reports
The European Union has opened legal action against seven nations including Germany and the UK for failing to police emissions cheating by carmakers in the wake of the VW scandal.
Norway's sovereign wealth fund has filed a complain against Volkswagen as part of a joint legal action following the carmaker's emissions scandal.
Volkswagen said it has cut £701million from its investment plan for the next year following on from the emissions scandal it has been embroiled in. The company said it would cap spending on property, plant and equipment at around $12.8billion, which is around 8% less than its previous estimate.
Volkswagen has set a target for the end of the month asking staff who had knowledge about its diesel emission test cheating to step forward. The company said workers who made contact with internal investigators would be exempt from dismissal.
Volkswagen is to halt delivery of its 2016 Jetta, Golf, Passat and Beetle diesel cars in the US - raising speculation that the emissions-cheating device similar to those in earlier models is also in its new vehicles.
Transocean Ltd., the world’s largest offshore rig contractor, has been linked for the first time to the corruption probe of Petroleo Brasileiro SA, the state-owned energy giant at the center of Brazil’s biggest corporate scandal. A former executive at Brazil’s state-run oil company has testified to receiving what he says were payments made by someone claiming to be a Transocean agent in exchange for a rig- operation contract from Petrobras. “Transocean has a long-standing commitment to and upholds the highest standards for corporate ethics and compliance,” the company said in an e-mailed response. “Our employees -- and everyone conducting business on our behalf -- are required to adhere to our high standards for integrity, honesty, financial discipline and legal and regulatory compliance.”
Brazilian oil workers have begun a 24 hour strike in an effort to halt moves to shrink state-run oil company Petrobas. Union workers, led by FUP – the country’s largest federation of oil workers for refineries and oil platforms – called for employees to walk off their jobs on Thursday at midnight. Petrobas has announced plans to sell $15.1billion of assets by the end of 2016 in a bid to pay down debt.
A Braskem SA shareholder sued the petrochemical company for securities fraud in a case tied to Petroleo Brasileiro SA, as litigation in the U.S. over the Brazilian energy company’s bribery scandal expands to customers. Petrobras sells naphtha to Braskem, Latin America’s largest petrochemical maker. The material, the main ingredient for making petrochemicals, is sold under long-term agreements between the two firms, according to investor Douglas Peters. Petrobras has been accused of involvement in a bribery scheme that has rocked Brazil’s economy and triggered lawsuits in the U.S.