An example of alleged corruption in our industry. This is not the first or the last time you will here of this kind of behaviour....unfortunately if one were to dig a little similar types of relationships would pop up quite regularly me thinks!
Having said that must point out these are only allegations and this was reported in the news over the last week or so.
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Oil giant BP has suspended a senior executive alleged to have taken cash payments in return for awarding multi-million pound contracts to a shipping company, the Daily Telegraph reported on Monday.Related News & Articles
OIL giant BP has reportedly put its global chartering manager Lars Dencker Nielsen on leave of absence as it investigates claims made by a whistleblower earlier this year that a senior manager offered favourable freight rates to a shipowner in return for cash.
BP Plc (BP/) said it’s investigating charges of bribery and corruption in a unit that charters oil tankers. The newspaper added: “The Danish national is alleged to have offered favourable terms to one of BP's shipping suppliers for cash. The allegations, under investigation, were brought to light by a whistleblower describing himself only as a BP employee.” ENERGY goliath BP said today it is investigating actions of its global chartering manager, after media reports alleged that he had taken bribes. An anonymous informant sent a letter to Chief Executive Officer Bob Dudley and the U.K.’s Serious Fraud Office saying that tanker contracts were awarded on preferential terms in exchange for cash payments to a BP employee, the Daily Telegraph reported today. “We can confirm that the chief executive’s office did receive a letter,” BP spokeswoman Sheila Williams said. “BP conducts its business to the highest ethical standards. We take all allegations of this sort extremely seriously and always investigate them.”
The allegations add to BP’s legal problems after the company this month agreed to a $7.8 billion payout to victims of the 2010 oil spill in the Gulf of Mexico, the worst in U.S. history. BP Shipping Ltd., the world’s second-largest charterer of tankers, said on Aug. 16 it lost $143.6 million in 2010 because of “challenging market conditions” and lower hire costs for tankers.
BP is the world’s third-largest hirer of tankers that carry crude oil after Royal Dutch Shell Plc (RDSA) and China International United Petroleum & Chemical Co., according to Poten & Partners, a New York-based shipbroker and maritime consultancy. The company’s shipping division chartered 422 crude oil tankers for single voyages in 2011, or 5 percent of all tankers reported as hired to the market.
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Interesting stuff..
If anyone else want to be a whistle blower - send me an email and ill sell the story to Murdoch...
Thats a joke off course
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A happy student
Just in from a current student of my VS chartering and shipbroking certificate
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Having read numerous articles on the net , the ICS books as well as other so called ‘bibles ‘ like Maritime Economics by ‘the’ Martin Stopford of Clarksons, am the first to admit that the words don’t ingrain themselves the way your exercises do .
With your experience of ‘mentoring’ , you have a structured manner of introducing one topic after another which is difficult otherwise for us"..
Arun Nair - Australia
unqte
Thanks for the message Arun and yes key to the course is the structure....it flows in a way that hopefully makes sense, building on your knowledge on step at a time.
For those of you who are interested next intake will be September or October 2012
Cheers
VS
After reading Maritime Economics, Shipping Law by Simon Baughen is also recommendable to broaden yours. Its 5th edition is to be released next month.
ReplyDeleteGreat stuff. Maritime Economics is a must read.
ReplyDeleteWould also recommend The Shipping Man for a fun read. Fiction but based on actual characters to seem extent.
paying money for business is a sign of a weak salesman. even more than a cup of tea is tooo much. there are few men who stand proud and tall, principled and cut clean, hands unblemished. the rest/most are just pussy cats who thinks the world owes them a favour for just being here....
ReplyDeleteI agree with VS - if anyone thinks there aren't more of these corrupt deals then they're simply mistaken. When millions upon millions are involved people will go to the end of the world to make sure they get a piece of the pie. Don't think you wouldn't do the same if you were in their position because I can almost guarantee that you would. The pressures from the man watching over your shoulder and the glory at the end of the tunnel is too much for 95% of humans to bear. I like to think I'm part of the 5% but I also think I will be worth zuckerberg money one day. So instead of looking down on these individuals just understand that it is part of the game. Corruption like this has been around since the beginning of time and will never disappear. FIFA officials, presidents, kings, queens, businessmen, world leaders, UN officials, sport referee's.. they are all a part of it. Just accept it as fact and move on.
ReplyDelete-TT
I said there were many corrupt pracitces in shipping but i never said I agree with it neither did i ever say i partake in it. Infact i had many chances to be involved in shady deals for which i politely declined.
ReplyDeleteOne of the corrupt deals i declined to be a part of ended up a huge curruption case which was reported around the world. Luckily (or good judgement) i declined to play a part and one of my competitors decided it was worth the risk. Neeldess to say it hasnt turned out well for him or his company he represented..
to use the previous persons analogy...i have decided to play a different game to those who think their is no alternative but to pander to the rich and powerful. There is still room for honesty in business as in life - or whats the point?
vs
In reply to TT. Corruption and shadyness creates a situation where the mass populace (which is considered poor compared to the wannabe masters of the universe) find it difficult to put bread on the table. Just look at India, keep looking, and when you see huge skyscrapers being built next to slums, then one wonders what these guys are trying to prove and eventually what will become of the millions of people (the majority) who are poor.
ReplyDeleteThe uprisings, the revolutions.... This is what mr tt needs to see, this is the reality. History is not bed time story. Mr TT also mentions 'I like to think I'm part of the 5%'. Well my friend, why think when you can 'know for sure'.
The sub-conscious always speaks the truth..... Accept this, don't move on, ponder. You will live a happier life, unless zuckerburg is your dream, which is a pursuit of a huge shadow, always running away as you try to grab it...