Marubeni to pay $54.6 mil penalty for role in Nigeria bribery scheme

shosha=yakuza

tip of the iceberg when it comes to this corruption.

Thought corruption and bribery was Nigerias main GDP....

and Japanese firm JGC Corporation.

Thank god they were included. I wonder if they led the pack?

oh HAPPY DAY!!!

any business conducted in Nigeria involves bribes, pretty much unavoidable

i wonder who would charge the US and inc for corruption over its oil and construction deals that all went belly up in Iraq. all those western contractors sold their contracts to other smaller companies who in turn sold those contractors to local iraqi companies who werent experienced at all. Now, electricity runs for a few hours a day!! clean water is scarce, to name a few of the problems. iraq was bombed back to the stone ages. a whole nation suffers for the joy of a few of mr bushes buddies.

Geez... only 54 million when they had contracts valued at over $6 billion. That's less than 1%.

Ok ... so a case of decade-long bribery was uncovered, and now the companies affected are paying up a part of their earnings as penalities.

Thing is, isn't Nigeria in itself corrupt, as reported many times over the news for the past days, in relation to the protests?

In that case, won't the fines just be another big target for the corrupt officials?

@Mabo

Usually, JGC and KBR go hand-in-hand ... but since KBR LLC paid a larger sum, I would assume that KBR LLC was the main contractor in most projects.

One person's bribe is another person's consulting fee, marketing expense or negotiation percentage. Have to exclude power breakfasts, lunches, dinners, hostess bars, golf round or tennis game, corporate boxes at sports events, drinks at the club and the rest, they are not really bribes, just the cost of doing business.

56 million is quite cheap compared to 6Billion. Bribery is the way of life in all these third world countries...

I guess they got this e-mail : "Hello, I am a Nigerian Prince, and I am going to build a liquefied natural gas facility on Bonny Island, Nigeria, valued at more than $6 billion...."

So where does this $1.7 billion end up? In the U.S. Treasury? Split among the governments of the countries involved? Certainly not to the Nigerian government, one would think... it would be nice if it went to efforts at eradicating such corruption, but that's probably wildly optimistic...

And has the crooked Nigerian offcials been caught & penalised or do they just wonder off as free rich men?

What I want to know is is the Nigerian prince finally out of Nigeria and when do I get my money?

A wealthy Nigerian investor contacted me by email, offering an interesting opportunity to start a business with him.

i guess they got greedy and didn't want to pay off that last guy, so he ratted out the whole scheme.

Marubeni has been on the spot light for numerous scandals one famous one being with lockheed http://en.wikipedia.org/wiki/Lockheed_bribery_scandals

Well, being a Nigerian living here in Japan, I should get the 56m.

Mmmmmmmm MARU-BENI.... BENI-MARU any relations? hehehehe

Paying and Receiving Both are crimes....