Two oil traders sentenced in USD82m scheme against LyondellBasell |
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(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 company’s 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 LyondellBasell’s
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. |
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mrcplast.com | |
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