Last week, the Brazilian Supreme Court sentenced former President Fernando Collor de Mello to eight years and 10 months in prison on corruption and money laundering charges. He was accused of receiving US$6 million in bribes from a subsidiary of the state-run oil company Petrobras. Callor served as President for three years before he was impeached by the Brazilian Congress. Over in the United States, former Haitian Prime Minister Laurent Lamothe was blocked from entering the country over his alleged involvement in “significant corruption”. The US State Department has accused Lamothe of misappropriating at least US$60 million from the Haitian government’s PetroCaribe Investment and Social Welfare Fund.
In today’s article, we discuss the controversy over insurance coverage for the operations of ExxonMobil’s subsidiary Esso Exploration and Production Guyana Ltd (EEPLG) in the light of the court ruling on the matter which is now under appeal.