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Tag Archive for lawsuit

South America’s Resource Curse – ConocoPhillips and Ivanhoe Energy sidestep indigenous rights

Two flashpoints have flared this week over the issue of indigenous peoples’ rights in South America, both championed by the excellent NGO Amazon Watch.

In Ecuador, already plagued by the disastrous pollution of its Amazon Basin by Chevron, Canadian oil firm Ivanhoe Energy is preparing to drill into a 426 square-mile stretch of land, much of which is legally-titled to the Rukullakta people.

Weekend roundup: Abbott Laboratories, DCNS & Thales, Portugal’s privatisation, Shell and ‘Livelihoods’

Abbott Laboratories has agreed to pay fines totalling $1.5 billion for improperly marketing its anti-seizure drug, Depakote.

The judgement includes a $700 million criminal fine and $800 of civil settlements with the federal government and states.

The U.S. attorney for the western district of Virginia claimed that Abbott’s senior executives carried out a strategy of systematically marketing Depakote for uses unapproved by the FDA from 1998 to at least 2006.

Amazon, Telkom, CMC Motors, Sun Hung Kai, Centerra Gold, ALEC

A scoop by Bookseller magazine last month is making waves, most notably in the Guardian, after it was revealed that online retailer Amazon is under investigation by UK tax authorities.

Regulatory filings by the company to the securities and exchange commission (SEC) revealed that despite £7.6 billion of profits over the past three years, the US-headquartered company has not paid any corporation tax on earnings over that period.

Rosoboronexport, Petrobras, Foxconn and Apple, G.E., News Corp, Range Resources

A brilliant piece in You’ve Been Sanctioned describes the ties between the US-military apparatus and a controversial Russian arms dealer to both Syria and Iran.

Rosoboronexport: Its management includes many ex-KGB officials

Rosoboronexport, which accounts for 80-90% of Russia’s total arms sales, was criticised in January this year for selling arms to Syria’s Assad regime after an outbreak of civil war and documented human rights abuses by the Syrian government. It was also sanctioned in 2008 for providing illicit assistance to Iran’s nuclear program.

Turkcell and Ping An Insurance raise governance red flags

Turkcell, Europe’s third largest telecommunications company and Ping An, the world’s second biggest insurer, have earned the ire of investors this week after questionable corporate governance practices.

Ping An InsuranceHong Kong-based Ping An Insurance raised $2.5 billion in capital through a share placement with billionaire Cheng Yu-Tung. Earlier this month, Ping An announced that it would issue 272 million new shares at a 12.5 percent discount. This represents 3.44 percent of the company’s new share capital.

Chevron granted injunction against $18 billion Ecuador fine

It’s been a bad week for environmental activists in the Americas. In two cases of citizen groups and even states turning the screw on major oil companies, both Chevron and ExxonMobil were granted reprieves from US District Court Judges.

Chevron CorporationNY District Court Judge Lewis Kaplan did as ESG Insider predicted – it ruled that the total $18 billion fine levied by the Ecuador Government against Chevron cannot be enforced in the United States or anywhere outside of Ecuador. This leaves the Ecuadorian government in a quandry, as Chevron now owns no assets in Ecuador.

ExxonMobil to settle Exxon Valdez fine with State Governor – a former Exxon lobbyist

ExxonMobil will settle its $100 million fine for the Exxon Valdez spill out of court with the federal and Alaskan state governments after being granted a reprieve from a US District Court Judge. This is despite State Governor Sean Parnell being a well-known ex-lobbyist for ExxonMobil.

Exxon Mobil Corporation

ExxonMobil: One of the world's largest publicly traded companies, its 2010 revenues amounting to over $383 billion