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Two oil traders sentenced in USD82m scheme against LyondellBasell

May 03/2012
(bloomberg) -- Two oil traders were sentenced to four and five years in prison for illegally paying more than USD20 million to a LyondellBasell Industries NV (LYB) executive in return for oil-tanker charters to the companys Houston refinery.

U.S. District Judge Sim Lake in Houston imposed a four-year sentence today on Bernard Langley, 54, of the U.K. Clyde Meltzer, 66, of Houston and Livingston, New Jersey, was given a five-year sentence.
They pleaded guilty last year to paying kickbacks into Swiss bank accounts controlled by LyondellBasells Jonathan Barnes, a shipping manager, from 2007 to 2009. Langley and Meltzer were also sentenced to three years of supervised release.

Barnes agreed to pay above-market shipping rates to tanker companies controlled by the men to transport Venezuelan crude oil to Houston, in exchange for one-third of the profit the traders received, prosecutors said. Barnes, 56, pleaded guilty and was sentenced to seven years in January and ordered to pay restitution of USD82 million to the Rotterdam-based company.
Author:Anna Larionova
Tags:naphta, oil, LyondellBasell.
Category:General News
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