Vantage ex-CEO charged with corruption in Brazil

RIO DE JANEIRO, July 13, 2018 – Brazilian federal prosecutors have charged former Vantage Drilling CEO Paul Bragg with corruption and money laundering, international media reported Friday.

Prosecutors allege that Bragg paid USD 31 million in bribes to receive a USD 1.8-billion drillship chartering contract from Petrobras in 2009.

Earlier in July, an international tribunal ordered Petrobras to pay USD 622 million to Vantage Drilling due to a breach of contract. In 2015, the NOC cancelled the contract following an investigation to determine whether it had been ethically awarded, spurring Vantage to file a “wrongful termination” claim.

Petrobras executive Jorge Zelada has already been charged with corruption in relation to the contract award, and was given a more than 12-year prison sentence.

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