Mossack Fonseca was listed as the registered agent for most of the companies. But the stench of corruption was too much. Socialist Worker (unless otherwise stated). 1) BB Energy Holdings N.V., Curaao Our holding company involved in global Oil & Gas trading activities and owns the below subsidiaries: BB Energy Trading Ltd., London Europe and the Mediterranean region BB Energy (Gulf) DMCC, Dubai Middle East, Arabian Gulf, Red Sea, East and South Africa, Pakistan, Western side of India and the CIS Labour supports essentially the same system as now. BB Energy, a leading global independent energy trading company, is pleased to announce that it has successfully refinanced and expanded a$580 millionsenior secured borrowing base credit facility (the Facility). The council set a target of reaching net zero carbon emissions for the borough by 2030. Yacoubian said that high-level responsibility for the secret contract with Sonatrach and years of faulty fuel imports should be explored. Both Mr. Rahmeh and ZR Group have been subjected to a politically motivated witch-hunt underpinned by a campaign to distract from Lebanons political failings. The managing team of Sonatrach, at that time, instructed Sonatrach Petroleum Corporation (London branch) to carry out the deal.The deal that was negotiated then created the branch of Sonatrach in London, a front for a Lebanese trader named Baha Bassatne, whose company (BB Energy) had been receiving a lions share of the profit margin obtained from these triangular business processes. The offer letter, seen by Reuters with its date redacted, said that Rosneft had agreed with PDVSA to pay BB Energys $26 million debt to the Venezuelan state oil company and then to seek payment from BB Energy via a bank transfer or an equivalent oil cargo. Asked about Rosnefts offer and the fuel cargo payment, a spokesman for BB Energy said the company had not completed the transaction, under guidance from legal counsel. Reliance said in its statement its purchases of Venezuelan oil from Rosneft do not lead to any payments to PDVSA. From the beginning of the pandemic, Labour leader Keir Starmer spent nearly all his time agreeing with Boris Johnson in a show of national unity. The Cuban military is estimated to control at least 60 percent of the islands economy. In view of the foregoing debate, were forced to return to the commercial relationship between Sonatrach and the Lebanese Ministry of Energy, and the pressure exercised by former Sonatrach CEO, Abdelmoumen Ould Kaddour, to adopt ZR Energy trading company as a second intermediary besides Baha Bassatne, as a supplier in the Algerian companys name; the thing that occurred a year and a half before opening the file. Much of the Mossack Fonseca correspondence on those companies involves updates of company registries and boards of directors, payment of fees and requests for letters of financial status required to open bank accounts or sign contracts. The U.S. Treasury Department declined to respond to a request for comment. The Venezuelan companys shipping schedules showed that Reliance was loading a cargo from PDVSA as recently as April 20. This was in addition to his 49,140 directors salary. Then Paterson resigned, cancelling future parliamentary votes. Tory MP Owen Paterson announced his resignation last week following revelations of his shameless lobbying for big businesses. All rights reserved. Guillermo Faustino Rodrguez Lpez-Calleja also appears as the representative of seven foreign companies registered in Cuba: Acemex Management Company Limited; Caroil Transport Marine Limited; Nautilus Shipping Overseas Corp.; Northsouth Maritime Company Limited; Gulf Lake Enterprises Ltd.; Acando Shipping Co. Ltd.; and Gilmar Project Finance Establishment. Whatever youre interested in, theres a free openDemocracy newsletter for you. Hayes, who was once described as the champion of the motorist during his time as a transport minister, also recently contributed to a report critical of the government's net-zero policies. The company said it saved Ghana over $2.8million when it sold the crude to the firm at a discount of $2 instead of the normal $5 a barrel. Still, the Office of Foreign Assets Control (OFAC), which enforces sanctions, has given no indications it would take that route. The methods have frustrated Washington officials, who have in recent days questioned why sanctions have not had a more dramatic impact on Venezuelas finances. The subsidiary subcontracted the deal to two private companies BB Energy, owned by the Bassatne family, and, beginning in 2017, Dubai-based ZR Energy DMCC, owned by Ibrahim Zaouk. The women pushing boundaries in Pakistans rural milk marketIn rural Pakistan women milk cows, but male relatives take the milk to male-run collection centres. Speaking on condition of anonymity, a lawyer with knowledge of the proceedings said that there is no [indictment] at this point. It is up to the criminal court to decide on the merits [of the case], and to determine whether ZR Group Holding SAL and Rahmeh are involved in the case. In another document, the lawyer Kabalan instructed Mossack Fonseca in 2005 to issue new shares for BB Naft because the originals had been sold to BB Energy Holdings N.V., a Curacao-based company publicly listed as part of the BB Energy group. The money is in our account and as yet we have not paid anyone, said the spokesman. BB Naft shareholder Wael Bassatne told El Nuevo Herald that his company did not violate the U.S. embargo because it is not registered and does no business in the United States. They have addresses in the Miramar and Old Havana neighborhoods of the Cuban capital. Fuel poverty and energy efficiency are inevitably linked, the less efficient a property is the costlier it is to heat. BB Naft does not appear, however, among the subsidiaries listed on BB Energys Web site. If you have any queries about republishing please contact us. In an effort to save him even this punishment, Johnson instructed Tory MP Andrea Leadsom to put forward an amendment and set up a committee to prevent his suspension. Few traders had room to receive physical barrels at Cushing. For its part, ZR Energy DMCC denied any involvement in illegal practices. Yours faithfully, Kalim Rahman. By subscribing, you contribute to our financial and editorial independence. All the other commercial activities were not affected by any sanctions because these regulations do not exist as such, he wrote in an email, adding that Mexico, Canada and the European Union have laws prohibiting their citizens and companies from obeying U.S. sanctions on Cuba. Instead, investigations have revealed that at least two companies owned by Lebanese businessmen, BB Energy and ZR Energy, were bringing in the fuel. Its got through to him that there is a chance to inflict real blows on the Tories. One lawyer for BB Naft, Noureddine Kabalan, asked Mossack Fonseca in April of 2008 to create a power of attorney so that the empowered person can be authorized to sign on behalf of the company in Syria and Iraq for specific transactions.. This story was originally published June 7, 2016, 10:06 AM. That the committee review and comment on proposed and ongoing work to reduce fuel poverty. Corruption policy, and our KYC and recruitment procedures to support our stance that we will not On April 15, Wadih Akl, a lawyer affiliated with the Free Patriotic Movement, filed a complaint to the Mount Lebanon public prosecutors office in which he alleged that a fuel quality report for one of the tankers had been forged. The government was forced to go back on itself and announced there would be a vote on Patersons suspension. Mango madness in IndiaSouth Asia diaspora reporter Gaggan Sabherwal shares the story of the Indian couple whove employed security guards after discovering they had planted an extremely rare mango tree by mistake at $50 a mango they aren't taking any chances! Wars, natural disasters and economic downturns have historically exposed children to the danger of trafficking and illegal adoption. Ltd., after several rounds of negotiations with a number of companies, the official added. Tell Grant Shapps to stop giving away Emissions Trading Scheme permits, Former energy minister John Hayes, who has likened climate protesters to Radical Islam, has received a 50,000 salary from BB Energy since 2018. In 2003, for example, BB Naft agreed to guarantee and meet the obligations of a loan obtained by BB Energy (Asia) Pte Ltd. from the Standard Chartered Bank of Singapore. They also considered that the profit margin of the company (3.5 USD) was fair, as the company is not charged with any liabilities. After the return of Ould Kaddour to Sonatrach as its general manager in April 2017, it was not long before he imposed yet another intermediary besides Baha Bassatne. . The Web page of the Cuba-Lebanon Businessmens Council lists a Riad Bassatne as a member of its board of directors and describes him as president of BB Naft Trading and member of the board of directors of BB Energy., Wael Bassatne nevertheless insisted that there are no commercial or financial relations between BB Naft Trading S.A. and the BB Energy Group. He added that BB Nafts activities in Cuba included the sale of spare parts and agricultural machinery.. Furthermore, in this context, the Lebanese judiciarys decision to seize this file can be explained long after companies have been getting commissions on the import of fuel. Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region's best source of business information. The PDVSA source said the company was proposing the new arrangements known as factoring to allow PDVSA clients to receive oil without making direct payments to the Venezuelan state oil company in the wake of Januarys sanctions. See here for a complete list of exchanges and delays. Which groups shape the stories we see in the press; which voices are silenced, and why? Labiofam S.A. bought all the shares of BioAsia Ltd. in 2009. They include BB Energy Trading Ltd., BB Energy Management S.A., BB Energy Holdings NV., BB Energy B.V., BB Energy (Asia) Pte. John Hayes earns 50,000 per year as a strategic advisor for BB Energy, a major trader in crude oil and other petrochemical products. The analysis and opinions they express through LOGI are their own and do not reflect the view of their respective employers. How the 61-year-old embargo is blocking Cubans from finding sponsors in the U.S. Some 22 of the biggest donors have gained a seat in the House of Lords in the past 11 years. Parliament is an unrepresentative, unaccountable front that covers for the real relations of power. BB Energy Group Holding Ltd. (DIFC) is managed by a Board of Directors comprising seven board members with five executive members and two non-executive members. Records of a meeting in Dubai in March of 2011 reflect a decision to significantly reduce the capital of BB Naft, held by BB Energy Holdings NV., from $8 million to $1.050 million. The proposed payment mechanism is the latest sign of the growing proximity of Venezuelas cash-strapped government to Russia as the United States tightens a financial noose around Venezuelan President Nicolas Maduro, who it describes as a dictator. Announced his resignation last week following revelations of his shameless lobbying for big businesses there would a. Disasters and economic downturns have historically exposed children to the danger of trafficking illegal! 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