May 8, 2010 In the middle of 2006 in Washington DC an investigation into whether BP Oil had illegally manipulated the propane gas prices was well underway. The price manipulation occured two years b efore and congress was looking at these soaring prices and in turn the rocketing oil company profits into the billions of dollars each quarter.
Executives from BP Oil and other big oil companies had to testify before congress and the findings were tha BP Oil traders were purchased a huge quantity of propane gas and then just sat on it. Of course this caused a shortage and BP was dominating the propane gas market in order to make prices go higher. Read more on MSNBC June 29, 2006.
In April 2008 another interesting fact on PB Oil involved Tony Hayward BP CEO and Lord Browne of Madingley who were both named in a lawsuit that claimed they bribed government officials in Kazakhstan.
The BP or British Petroleum company was sued and other named defendants included former executives in a suit that said money changed hands for BP to receive gas and oil licences in the form Soviet state.
The lawsuit was brought on by an American oil company by the name of Grynberg Production Corporations based in Denver Colorado. Jack Grynberg claimed that BP Oil violated US racketerring and corrupt Organization Act called RICO. Grynberg had been working in the Kazakh area and had since 1990 signed agreements with the defendants to obtain resources on and off shore. However he claimed that BP took his money and paid out 12 million dollars in bribes. The lawsuit is still before the courts.
More to read at: The Telegraph UK Finance
Tags: BP Oil and Lawsuits, BP Oil charged with Bribery, BP Oil charged with price fixing, Business News.