5 Apr 2010 13:00 Africa/Lagos
Only Seven Percent of Americans to Use Tax Refunds on 'Fun' Activities
New Bankrate poll reveals how the American consumer is planning to use tax refunds this year
NEW YORK, April 5 /PRNewswire-FirstCall/ -- A new study released by Bankrate, Inc. shows that, with economic uncertainty still lingering, many Americans plan to use their tax refunds in a fiscally conservative fashion, with 84 percent intending to pay down debt, save or invest, or use it for everyday necessities. The poll, conducted by Princeton Survey Research Associates International, can be seen in its entirety here: http://www.bankrate.com/finance/taxes/how-americans-will-spend-their-tax-refun d-1.aspx.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO )
Among the findings:
-- Fifty-five percent of Americans polled expect to get, or have
received, a tax refund this year while 24 percent expect to owe;
-- While 84 percent plan on using their money to pay down debt, save,
invest, or use the refund for everyday necessities, only seven percent
plan on using their money on "fun" activities like shopping or taking
a vacation;
-- Within that 84 percent of fiscally conservative Americans, 30 percent
intend to pay down debt, 28 percent say they will save or invest, and
26 percent anticipate spending their refund on food or utility bills;
-- While just three percent of those getting a refund took a refund
anticipation loan, among people with incomes under $30,000 that number
is doubled at six percent;
-- Only 19 percent of Americans plan to adjust their paycheck withholding
to avoid a big refund next year while 71 percent plan on keeping their
withholding the same;
-- Among those who anticipate owing money, 63 percent plan on paying
their taxes straight from their bank accounts. Only 6 percent
anticipate borrowing money to pay off their tax bill;
-- Additionally within those who owe money, 17 percent plan on setting up
an installment plan with the IRS. But be warned, setting up a plan
with the IRS includes interest, late fees, and a user fee to begin
installment payments.
"Since a tax refund is often the biggest windfall many Americans receive all year, it is imperative to use it wisely," said Greg McBride, CFA, senior financial analyst for Bankrate.com. "Padding emergency savings, establishing or boosting an IRA, and paying down high interest rate debt are all great uses. But go one step further and adjust your paycheck withholding so you're not giving an interest free loan to the government in 2010 also."
This national random-digit-dialed phone study of 1,002 adults 18 or older was conducted for Bankrate by Princeton Survey Research Associates International. The sample was weighted by demographic factors including age, gender, race, education and census region to ensure reliable and accurate representation of adults in U.S. households. The overall margin of error for the survey is +/- 4 percentage points based on the total sample.
About Bankrate, Inc.
The Bankrate network of companies includes Bankrate.com, Interest.com, Mortgage-calc.com, Nationwide Card Services, Savingforcollege.com, Fee Disclosure, InsureMe CreditCardGuide.com and Bankaholic. Each of these businesses helps consumers to make informed decisions about their personal finance matters. The company's flagship brand, Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes, debt management and college finance. Bankrate.com is the leading aggregator of rates and other information on more than 300 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com reviews more than 4,800 financial institutions in 575 markets in 50 states. In 2008, Bankrate.com had nearly 72 million unique visitors. Bankrate.com provides financial applications and information to a network of more than 75 partners, including Yahoo! (NASDAQ:YHOO) , America Online (NYSE: AOL) , The Wall Street Journal and The New York Times (NYSE:NYT) . Bankrate.com's information is also distributed through more than 500 newspapers. Bankrate, Inc. was acquired by Apax Partners, one of the world's leading private equity investment group, in September 2009. Apax operates across the United States, Europe and Asia and has more than 30 years of investing experience. For more information on Apax, visit: www.Apax.com.
For more information contact:
Chris Spagnuolo
Public Relations Manager
cspagnuolo@bankrate.com
(917) 368-8671
Photo: http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: Bankrate, Inc.
CONTACT: Chris Spagnuolo, Public Relations Manager,
cspagnuolo@bankrate.com, +1-917-368-8671
Web Site: Bankrate
HOT TOPICS OF THE WEEK:
Update on the Allegation of $10.8 Billion Tax Evasion Fraud against Chevron and its Associated Companies. 3
Update on the Allegation of $10.8 Billion Tax Evasion Fraud against Chevron and its Associated Companies 2
The Untold Story of the $10.8 Billion Tax Evasion and Fraud By Chevron Nigeria Limited and Its Associated Companies
Monday, April 5, 2010
Update on the Allegation of $10.8 Billion Tax Evasion Fraud against Chevron and its Associated Companies 4
10 more documents of proof on the Update on the Allegation of $10.8 Billion Tax Evasion Fraud against Chevron and its Associated Companies.
Update on the Allegation of $10.8 Billion Tax Evasion Fraud against Chevron and its Associated Companies. 3
Update on the Allegation of $10.8 Billion Tax Evasion Fraud against Chevron and its Associated Companies 2
The Untold Story of the $10.8 Billion Tax Evasion and Fraud By Chevron Nigeria Limited and Its Associated Companies
Update on the Allegation of $10.8 Billion Tax Evasion Fraud against Chevron and its Associated Companies. 3
Update on the Allegation of $10.8 Billion Tax Evasion Fraud against Chevron and its Associated Companies 2
The Untold Story of the $10.8 Billion Tax Evasion and Fraud By Chevron Nigeria Limited and Its Associated Companies
Sunday, April 4, 2010
SC Johnson Grows Sustainability Around the World
2 Apr 2010 16:52 Africa/Lagos
SC Johnson Grows Sustainability Around the World
New Ad Stems from a Flower
RACINE, Wis., April 2 /PRNewswire/ -- SC Johnson believes a flower can change a community. The company's latest ad, titled "Flower," highlights the company's work with partners in Rwanda. For more than 40 years, SC Johnson, A Family Company, has purchased pyrethrum (py), a botanical insecticide that is extracted from chrysanthemums, from East Africa for use in some of its pest control products sold around the world under the Raid® and Baygon® brands.
At one time, the East African region produced over 70 percent of all py traded in the world* and was a major source of cash for many of the farmers. In 2000, 90 percent of the Rwandan workforce earned their living from agriculture and exported crops accounted for approximately 40 percent of the country's gross domestic product (GDP).** Pyrethrum farming has met a lull due to inconsistent harvests and lack of stable business processes.
"We're working together to develop sustainable agriculture and business practices that will strengthen these communities," said Chairman and CEO Fisk Johnson, the fifth generation leader of SC Johnson. "As a family company we're motivated to do our part to make the world better."
SC Johnson is one of the world's largest purchasers of pyrethrum. Through the company's partnership with py farmers, SC Johnson hopes to improve the consistency of the py crops which will lead to significant returns for the farmers, their families and their communities. Pyrethrum is also a sustainable resource. In keeping with SC Johnson's commitment to sustainability and the Earth's resources, the company prefers to use botanical pyrethrum if an adequate supply can be reliably sourced.
Production of the dried flowers was approximately 300 tons in 2008; the company hopes to increase the yield to 1,200 tons this year in Rwanda, so that it can introduce more Raid® and Baygon® products formulated with py.
Approximately 300,000 jobs in the East African regions are attributable to the growth and stabilization of the natural pyrethrum industry, with an increasing number of women in management. Working with the local schools, SC Johnson offers the farmers and their families education in business planning, organization and sustainability. And with the income derived from consistent, reliable py farming and more effective business processes, SC Johnson helps hundreds of children to attend school each year.*
Johnson and citizens of Rwanda are featured in "Flower." The story of recent trips to the py fields is captured in the dialogue. "Behind this flower," Johnson says in the ad, "is a powerful story." The story is one of helping families around the world, that reinforces the company's commitment to developing sustainable solutions for the future.
For more than 120 years, one of SC Johnson's founding principles has been to work to make the world a better place for our families. The company's py work is part of the company's overall sustainability efforts. Among the other ways the company is making a difference:
-- Malaria education support for families and communities from Brazil to
South Africa, including three South African provinces with endemic
malaria
-- Member of the Global Business Coalition on HIV/AIDS, Tuberculosis and
Malaria (GBC), and sharing business expertise, infrastructure and
reach to help improve public health
-- Dengue exposure prevention and awareness programs in Thailand,
Indonesia, the Philippines and India
-- Partnerships with Base of the Pyramid (BOP) communities in Kenya on a
shared-toilet cleaning program to provide families with more sanitary
bathrooms
-- Founding member of Conservation International's Team Earth movement
and focusing on climate change and reducing the company's carbon
footprint
-- Sets aside 5 percent of pre-tax profits globally for corporate giving
- nearly four times the corporate average - and works with partners,
such as Conservation International, Clinton Global Initiative and the
United Way
-- Subsidiary companies around the world contribute an average of 2
percent of pre-tax profits and partner with local foundations
"Flower" will run on several cable networks, including Animal Planet, ABC Family, NBC, CBS, Discovery Health, The Weather Channel, Hallmark, HGTV, National Geographic and various print publications beginning April 3.
To view the new ad and to learn more about SC Johnson's environmental history, visit www.scjohnson.com
About SC Johnson
SC Johnson is a family-owned and managed business dedicated to innovative, high-quality products, excellence in the workplace and a long-term commitment to the environment and the communities in which it operates. Based in the USA, the company is one of the world's leading manufacturers of household cleaning products and products for home storage, air care, and insect control. It markets such well-known brands as GLADE®, OFF!®, PLEDGE®, RAID®, SCRUBBING BUBBLES®, SHOUT®, WINDEX® and ZIPLOC® in the U.S. and beyond, with brands marketed outside the U.S. including AUTAN®, BAYGON®, BRISE®, ECHO®, KABIKILLER®, KLEAR®, and MR. MUSCLE®. The 124-year old company, with more than $8 billion in sales, employs approximately 12,000 people globally and sells products in virtually every country around the world. www.scjohnson.com
* World Business Council for Sustainable Development "Dedicated to Making A Difference" Case Study, 2004
** U.S. Department of State Background note on Rwanda, December 2009, http://www.state.gov/r/pa/ei/bgn/2861.htm
Source: SC Johnson
CONTACT: Jenny Taylor, Director - Global Public Affairs of SC Johnson,
+1-262-260-2440
Web Site: SC Johnson
SC Johnson Grows Sustainability Around the World
New Ad Stems from a Flower
RACINE, Wis., April 2 /PRNewswire/ -- SC Johnson believes a flower can change a community. The company's latest ad, titled "Flower," highlights the company's work with partners in Rwanda. For more than 40 years, SC Johnson, A Family Company, has purchased pyrethrum (py), a botanical insecticide that is extracted from chrysanthemums, from East Africa for use in some of its pest control products sold around the world under the Raid® and Baygon® brands.
At one time, the East African region produced over 70 percent of all py traded in the world* and was a major source of cash for many of the farmers. In 2000, 90 percent of the Rwandan workforce earned their living from agriculture and exported crops accounted for approximately 40 percent of the country's gross domestic product (GDP).** Pyrethrum farming has met a lull due to inconsistent harvests and lack of stable business processes.
"We're working together to develop sustainable agriculture and business practices that will strengthen these communities," said Chairman and CEO Fisk Johnson, the fifth generation leader of SC Johnson. "As a family company we're motivated to do our part to make the world better."
SC Johnson is one of the world's largest purchasers of pyrethrum. Through the company's partnership with py farmers, SC Johnson hopes to improve the consistency of the py crops which will lead to significant returns for the farmers, their families and their communities. Pyrethrum is also a sustainable resource. In keeping with SC Johnson's commitment to sustainability and the Earth's resources, the company prefers to use botanical pyrethrum if an adequate supply can be reliably sourced.
Production of the dried flowers was approximately 300 tons in 2008; the company hopes to increase the yield to 1,200 tons this year in Rwanda, so that it can introduce more Raid® and Baygon® products formulated with py.
Approximately 300,000 jobs in the East African regions are attributable to the growth and stabilization of the natural pyrethrum industry, with an increasing number of women in management. Working with the local schools, SC Johnson offers the farmers and their families education in business planning, organization and sustainability. And with the income derived from consistent, reliable py farming and more effective business processes, SC Johnson helps hundreds of children to attend school each year.*
Johnson and citizens of Rwanda are featured in "Flower." The story of recent trips to the py fields is captured in the dialogue. "Behind this flower," Johnson says in the ad, "is a powerful story." The story is one of helping families around the world, that reinforces the company's commitment to developing sustainable solutions for the future.
For more than 120 years, one of SC Johnson's founding principles has been to work to make the world a better place for our families. The company's py work is part of the company's overall sustainability efforts. Among the other ways the company is making a difference:
-- Malaria education support for families and communities from Brazil to
South Africa, including three South African provinces with endemic
malaria
-- Member of the Global Business Coalition on HIV/AIDS, Tuberculosis and
Malaria (GBC), and sharing business expertise, infrastructure and
reach to help improve public health
-- Dengue exposure prevention and awareness programs in Thailand,
Indonesia, the Philippines and India
-- Partnerships with Base of the Pyramid (BOP) communities in Kenya on a
shared-toilet cleaning program to provide families with more sanitary
bathrooms
-- Founding member of Conservation International's Team Earth movement
and focusing on climate change and reducing the company's carbon
footprint
-- Sets aside 5 percent of pre-tax profits globally for corporate giving
- nearly four times the corporate average - and works with partners,
such as Conservation International, Clinton Global Initiative and the
United Way
-- Subsidiary companies around the world contribute an average of 2
percent of pre-tax profits and partner with local foundations
"Flower" will run on several cable networks, including Animal Planet, ABC Family, NBC, CBS, Discovery Health, The Weather Channel, Hallmark, HGTV, National Geographic and various print publications beginning April 3.
To view the new ad and to learn more about SC Johnson's environmental history, visit www.scjohnson.com
About SC Johnson
SC Johnson is a family-owned and managed business dedicated to innovative, high-quality products, excellence in the workplace and a long-term commitment to the environment and the communities in which it operates. Based in the USA, the company is one of the world's leading manufacturers of household cleaning products and products for home storage, air care, and insect control. It markets such well-known brands as GLADE®, OFF!®, PLEDGE®, RAID®, SCRUBBING BUBBLES®, SHOUT®, WINDEX® and ZIPLOC® in the U.S. and beyond, with brands marketed outside the U.S. including AUTAN®, BAYGON®, BRISE®, ECHO®, KABIKILLER®, KLEAR®, and MR. MUSCLE®. The 124-year old company, with more than $8 billion in sales, employs approximately 12,000 people globally and sells products in virtually every country around the world. www.scjohnson.com
* World Business Council for Sustainable Development "Dedicated to Making A Difference" Case Study, 2004
** U.S. Department of State Background note on Rwanda, December 2009, http://www.state.gov/r/pa/ei/bgn/2861.htm
Source: SC Johnson
CONTACT: Jenny Taylor, Director - Global Public Affairs of SC Johnson,
+1-262-260-2440
Web Site: SC Johnson
A Different Kind of Religious War
2 Apr 2010 15:00 Africa/Lagos
A Different Kind of Religious War
WACO, Texas, April 2 /PRNewswire-USNewswire/ -- "Who do you say that I am?" asked Jesus of his disciples. And the rest of humankind has been struggling to answer that question ever since.
Nowhere has answering this question been more divisive and more of a struggle than in resolving the tension between two seemingly rival claims: Jesus was both fully human and fully divine, and Jesus was only fully divine. This schism was central to Christianity during the Church Councils of the fifth century, when it seemed inevitable that the church would abandon its belief in the humanity of Jesus.
It also is a schism that led directly to the collapse of Roman power in the east, to the rise of Islam, to the destruction of Christianity throughout much of Asia and Africa, and to the strengthening of Christianity in Europe. The mainstream Christian church kept the belief that Jesus was fully human - but at the cost of losing half the world.
This battle to "keep" Jesus human is recounted in "Jesus Wars: How Four Patriarchs, Three Queens and Two Emperors Decided What Christians Would Believe for the Next 1,500 Years," written by Philip Jenkins and published this month by HarperOne. Jenkins, a religious historian with joint appointments at Baylor University's Institute for Studies of Religion and Penn State University, explores the violent and bloody controversy that erupted between the Western and Eastern churches. These battles, says Jenkins, had enormous impact on the future of Christianity and the world.
It was the Council of Chalcedon, near Istanbul in 451, that seemingly settled the matter, formulating the statement that eventually became the official theology of the Roman Empire. This acknowledged Christ in two natures, joined together in one person. This Chalcedonian definition stands today as the official view of Jesus for the vast majority of Christians.
"During the fifth century there were two sides, both of which thought Christ was God," Jenkins says. "What varied was the idea of how much humanity he held. The view that won and became orthodoxy was the view that Christ was both fully human and fully divine. The view that lost was the 'One Nature' view - the idea of Christ in which the human nature was wholly overwhelmed by divinity.
"But Chalcedon was not the only possible solution, nor was it an obvious or, perhaps, a logical one," Jenkins writes. "Only the political victory of Chalcedon's supporters allowed that council's ideas to become the inevitable lens through which later generations interpret the Christian message."
And, the "official victory of Chalcedon," as Jenkins terms it, came with a cost. Violence, bloodshed and death occurred, driven both by the quest for the "right belief" and the secular concept of honor prevailing at the time, which fostered vendettas and feuds. People of the fifth century had no qualms in justifying violence to support their view of the Christ they worshipped.
The struggles recounted in "Jesus Wars" remind us today that beliefs form and reappear throughout time - and must be engaged and confronted. While the violence prevalent then is abhorrent in today's world, the church must still explore new ideas - or risk extinction.
Writing in "Jesus Wars," Jenkins says, "...dialogue can itself be a positive thing, a way in which Christian thought develops its own self-understanding. A religion that is not constantly spawning alternatives and heresies has ceased to think and has achieved only the peace of the grave."
About Philip Jenkins
Dr. Philip Jenkins, one of the world's leading religion scholars, is a Distinguished Senior Fellow at Baylor University's Institute for Studies of Religion, a position he has held since 2009. He is also is the Edwin Erle Sparks Professor of Humanities at Pennsylvania State University, where he has taught since 1980. An historian by training, Jenkins' work has been lauded in many different disciplines including sociology, criminology, and religious studies. Jenkins earned his bachelor's, master's and Ph.D. in History from Cambridge University. He is the author of 24 books, more than 100 book reviews and approximately 100 book chapters and refereed articles.
Provided by Newswise, online resource for knowledge-based news at www.newswise.com
Media Contacts: Jill Scoggins, 254.710.1964, jill_scoggins@baylor.edu
Source: Baylor University
CONTACT: Jill Scoggins, +1-254-710-1964, jill_scoggins@baylor.edu
Web Site: http://www.baylor.edu/
Re: I Am Ashamed Of Naija Retarded Music
Nigerian Hip-hop artistes. Photo Credit: Ikuku Records
Re: I Am Ashamed Of Naija Retarded Music
The street music of a failed state cannot be different from the warped psyche of the people.
The Nigerian music industry is not booming.
Majority of the artistes are suffering since the industry collapsed years ago.
The few people who are posing and posturing as "I have made it" hip hop artistes are living in Fools Paradise.
Bankers can afford to live in Ikoyi and (not in the BQs) and young Turks of the Nigerian business world can afford condos in the US.
But can you mention only 10 of the hip hop Nigerian artistes who can afford to live in a N150 million house in Park View Estate or any of the GRAs?
The highest paid actor in Nollywood was only paid about N3 million (less than $30, 000) and their biggest pay was when Globacom contracted some of them to promote their products and services. Over 90% of them are poor struggling actors and actresses.
The fact is most people in Nigeria love fooling themselves in desperation to catch up with the Joneses while the few who belong to "The real McCoy" class are not noise makers on air.
Many young hip hop artistes in Nigeria or what they call rap wannabes in the US come to our office looking for opportunities.
One of them suddenly collapsed and died last month whilst online and that was the end of all his efforts. Rumours circulated that he was into Yahoo-Yahoo Internet scams for a sponsor who makes his millions from scams.
Studio engineers and DJs who do not know what a chord is are now producers.
The result is the "try your luck" hip hop music of retards on air in Nigeria.
Saturday, April 3, 2010
Do You Know that You Pay More Tax than General Electric?
Do you know that you pay more to the IRS than General Electric?
This is the revelation made by Forbes on April 1, 2010, and it was not meant to spin you on April Fools' Day.
Read the following extract from the report.
How did this happen? It's complicated. GE's tax return is the largest the IRS deals with each year--some 24,000 pages if printed out. Its annual report filed with the Securities and Exchange Commission weighs in at more than 700 pages.
Inside you'll find that GE in effect consists of two divisions: General Electric Capital and everything else. The everything else--maker of engines, power plants, TV shows and the like--would have paid a 22% tax rate if it was a standalone company.
It's GE Capital that keeps the overall tax bill so low. Over the last two years, GE Capital has displayed an uncanny ability to lose lots of money in the U.S. (posting a $6.5 billion loss in 2009), and make lots of money overseas (a $4.3 billion gain). Not only do the U.S. losses balance out the overseas gains, but GE can defer taxes on that overseas income indefinitely. The timing of big deductions for depreciation in GE Capital's equipment leasing business also provides a tax benefit, as will loan losses left over from the credit crunch.
But it's the tax benefit of overseas operations that is the biggest reason why multinationals end up with lower tax rates than the rest of us. It only makes sense that multinationals "put costs in high-tax countries and profits in low-tax countries," says Scott Hodge, president of the Tax Foundation. Those low-tax countries are almost anywhere but the U.S. "When you add in state taxes, the U.S. has the highest tax burden among industrialized countries," says Hodge. In contrast, China's rate is just 25%; Ireland's is 12.5%.
Corporations are getting smarter, not just about doing more business in low-tax countries, but in moving their more valuable assets there as well. That means setting up overseas subsidiaries, then transferring to them ownership of long-lived, often intangible but highly profitable assets, like patents and software.
Continue reading.In Pictures: What The 25 Top U.S. Companies Pay In Taxes
Friday, April 2, 2010
Update on the Allegation of $10.8 Billion Tax Evasion Fraud against Chevron and its Associated Companies. 3
The following are more exhibits from the over 80 documents ABZ Integrated Limited has approved for publication on the Untold Story of the Update on the Allegation of $10.8 Billion Tax Evasion Fraud against Chevron and its Associated Companies. As stated earlier, the remaining documents will be published on this case until justice is done.
Daimler AG and Three Subsidiaries recently resolved to pay $93.6 million in criminal penalties after their indictment in the Foreign Corrupt Practices Act Investigation, and we expect the same resolution on this case against Chevron and its associated companies in Nigeria.
Daimler AG and Three Subsidiaries recently resolved to pay $93.6 million in criminal penalties after their indictment in the Foreign Corrupt Practices Act Investigation, and we expect the same resolution on this case against Chevron and its associated companies in Nigeria.
Daimler AG and Three Subsidiaries To Pay $93.6 Million in Criminal Penalties for Foreign Corrupt Practices
1 Apr 2010 21:17 Africa/Lagos
Daimler AG and Three Subsidiaries Resolve Foreign Corrupt Practices Act Investigation and Agree to Pay $93.6 Million in Criminal Penalties
Combined Criminal and Civil Penalties of $185 Million to be Paid
WASHINGTON, April 1 /PRNewswire-USNewswire/ -- Daimler AG, a German corporation, and three of its subsidiaries have resolved charges related to a Foreign Corrupt Practices Act (FCPA) investigation into the company's worldwide sales practices, the Department of Justice announced today.
At a hearing today before U.S. District Court Judge Richard J. Leon in the District of Columbia, Daimler AG's Russian subsidiary DaimlerChrysler Automotive Russia SAO (DCAR), now known as Mercedes-Benz Russia SAO, and its German subsidiary, Export and Trade Finance GmbH (ETF), each pleaded guilty to criminal informations charging the companies with one count of conspiracy to violate the anti-bribery provisions of the FCPA and one count of violating those provisions. As part of the plea agreements, DCAR and ETF agreed to pay criminal fines of $27.26 million and $29.12 million, respectively.
Daimler AG entered into a deferred prosecution agreement and agreed to the filing of a criminal information charging that company with one count of conspiracy to violate the books and records provisions of the FCPA and one count of violating those provisions. Daimler AG's Chinese subsidiary DaimlerChrysler China Ltd. (DCCL), now known as Daimler North East Asia Ltd., also entered into a deferred prosecution agreement and agreed to the filing of a criminal information charging it with one count of conspiracy to violate the anti-bribery provisions of the FCPA and one count of violating those provisions. In total, Daimler AG and its subsidiaries will pay $93.6 million in criminal fines and penalties.
According to court documents, Daimler AG, whose shares trade on multiple exchanges in the United States, engaged in a long-standing practice of paying bribes to foreign government officials through a variety of mechanisms, including the use of corporate ledger accounts known internally as "third-party accounts" or "TPAs," corporate "cash desks," offshore bank accounts, deceptive pricing arrangements and third-party intermediaries. According to court documents, Daimler AG and its subsidiaries made hundreds of improper payments worth tens of millions of dollars to foreign officials in at least 22 countries - including China, Croatia, Egypt, Greece, Hungary, Indonesia, Iraq, Ivory Coast, Latvia, Nigeria, Russia, Serbia and Montenegro, Thailand, Turkey, Turkmenistan, Uzbekistan, Vietnam and others - to assist in securing contracts with government customers for the purchase of Daimler vehicles. The contracts were valued at hundreds of millions of dollars. In some cases, Daimler AG or its subsidiaries wire transferred these improper payments to U.S. bank accounts or to the foreign bank accounts of U.S. shell companies, in order for those entities to pass on the bribes. Within Daimler AG and its subsidiaries, bribe payments were often identified and recorded as "commissions," "special discounts," and/or "nutzliche Aufwendungen" or "N.A." payments, which translates to "useful payment" or "necessary payment," and was understood by certain Daimler employees to mean "official bribe." According to court documents, certain corrupt payments continued as late as January 2008, after the Department of Justice had begun its investigation. In all cases, Daimler AG improperly recorded these corrupt payments in its corporate books and records. Daimler AG admitted that it earned more than $50 million in profits from corrupt transactions with a nexus to the territory of the United States. Daimler AG also admitted that it agreed to pay kickbacks to the former Iraqi government in connection with contracts to sell vehicles to Iraq under the U.N.'s Oil for Food program.
"In a decade-long scheme involving tens of millions of dollars, Daimler AG and three of its subsidiaries brazenly offered bribes in exchange for business around the world," said Principal Deputy Assistant Attorney General Mythili Raman of the Criminal Division. "Using offshore bank accounts, third-party agents and deceptive pricing practices, these companies saw foreign bribery as a way of doing business. The guilty pleas and deferred prosecution agreements entered today by Daimler AG and its subsidiaries should serve as a message to other companies subject to the FCPA and conducting business around the world that corrupt business is bad business."
In connection with its guilty plea, DCAR admitted that it made improper payments to Russian federal and municipal government officials to secure contracts to sell vehicles by over-invoicing the customer and paying the excess amount back to the government officials, or to other designated third parties that provided no legitimate services to DCAR or Daimler AG. When requested, DCAR or Daimler AG employees caused the wire transfer of payments from Daimler AG's bank accounts in Germany to, among other destinations, U.S. and Latvian bank accounts held by shell companies with the understanding that the money, in whole or in part, was for the benefit of Russian government officials.
In connection with its guilty plea, ETF admitted that it made corrupt payments directly to Croatian government officials and to third parties, including two U.S.-based corporate entities, with the understanding that the payments would be passed on, in whole or in part, to Croatian government officials, to assist in securing the sale of 210 fire trucks.
In connection with its deferred prosecution agreement, DCCL admitted that it made improper payments in the form of commissions, delegation travel, and gifts for the benefit of Chinese government officials or their designees in connection with sales of commercial vehicles and Unimogs to various Chinese government customers. DCCL admitted that in certain cases it used U.S.-based agents to facilitate the bribe payments.
Under the terms of its deferred prosecution agreement, Daimler AG agreed to retain an independent compliance monitor for a three-year period to oversee the company's continued implementation and maintenance of an FCPA compliance program, and to make reports to the company and the Department of Justice. DCAR, ETF and DCCL are covered by the monitoring provisions of the deferred prosecution agreement with their parent company Daimler AG. Daimler AG also agreed to fully cooperate with investigations by U.S. and foreign authorities of the company's corrupt payments.
Today, Judge Leon also entered a separate judgment against Daimler AG resolving a related civil complaint filed by the U.S. Securities and Exchange Commission (SEC). Daimler AG agreed to pay $91.4 million in disgorgement of profits relating to those violations.
The criminal case is being prosecuted by Assistant Chief John S. (Jay) Darden and Deputy Chief Mark F. Mendelsohn of the Criminal Division's Fraud Section. The department acknowledges and expresses its appreciation for the significant assistance provided by the staff of the SEC during the course of this investigation. The department also acknowledges the significant contributions to this investigation by former Fraud Section Trial Attorney Amanda L. Riedel.
Source: U.S. Department of Justice
CONTACT: U.S. Department of Justice, +1-202-514-2008, TDD
+1-202-514-1888
Web Site: http://www.justice.gov/
Daimler AG and Three Subsidiaries Resolve Foreign Corrupt Practices Act Investigation and Agree to Pay $93.6 Million in Criminal Penalties
Combined Criminal and Civil Penalties of $185 Million to be Paid
WASHINGTON, April 1 /PRNewswire-USNewswire/ -- Daimler AG, a German corporation, and three of its subsidiaries have resolved charges related to a Foreign Corrupt Practices Act (FCPA) investigation into the company's worldwide sales practices, the Department of Justice announced today.
At a hearing today before U.S. District Court Judge Richard J. Leon in the District of Columbia, Daimler AG's Russian subsidiary DaimlerChrysler Automotive Russia SAO (DCAR), now known as Mercedes-Benz Russia SAO, and its German subsidiary, Export and Trade Finance GmbH (ETF), each pleaded guilty to criminal informations charging the companies with one count of conspiracy to violate the anti-bribery provisions of the FCPA and one count of violating those provisions. As part of the plea agreements, DCAR and ETF agreed to pay criminal fines of $27.26 million and $29.12 million, respectively.
Daimler AG entered into a deferred prosecution agreement and agreed to the filing of a criminal information charging that company with one count of conspiracy to violate the books and records provisions of the FCPA and one count of violating those provisions. Daimler AG's Chinese subsidiary DaimlerChrysler China Ltd. (DCCL), now known as Daimler North East Asia Ltd., also entered into a deferred prosecution agreement and agreed to the filing of a criminal information charging it with one count of conspiracy to violate the anti-bribery provisions of the FCPA and one count of violating those provisions. In total, Daimler AG and its subsidiaries will pay $93.6 million in criminal fines and penalties.
According to court documents, Daimler AG, whose shares trade on multiple exchanges in the United States, engaged in a long-standing practice of paying bribes to foreign government officials through a variety of mechanisms, including the use of corporate ledger accounts known internally as "third-party accounts" or "TPAs," corporate "cash desks," offshore bank accounts, deceptive pricing arrangements and third-party intermediaries. According to court documents, Daimler AG and its subsidiaries made hundreds of improper payments worth tens of millions of dollars to foreign officials in at least 22 countries - including China, Croatia, Egypt, Greece, Hungary, Indonesia, Iraq, Ivory Coast, Latvia, Nigeria, Russia, Serbia and Montenegro, Thailand, Turkey, Turkmenistan, Uzbekistan, Vietnam and others - to assist in securing contracts with government customers for the purchase of Daimler vehicles. The contracts were valued at hundreds of millions of dollars. In some cases, Daimler AG or its subsidiaries wire transferred these improper payments to U.S. bank accounts or to the foreign bank accounts of U.S. shell companies, in order for those entities to pass on the bribes. Within Daimler AG and its subsidiaries, bribe payments were often identified and recorded as "commissions," "special discounts," and/or "nutzliche Aufwendungen" or "N.A." payments, which translates to "useful payment" or "necessary payment," and was understood by certain Daimler employees to mean "official bribe." According to court documents, certain corrupt payments continued as late as January 2008, after the Department of Justice had begun its investigation. In all cases, Daimler AG improperly recorded these corrupt payments in its corporate books and records. Daimler AG admitted that it earned more than $50 million in profits from corrupt transactions with a nexus to the territory of the United States. Daimler AG also admitted that it agreed to pay kickbacks to the former Iraqi government in connection with contracts to sell vehicles to Iraq under the U.N.'s Oil for Food program.
"In a decade-long scheme involving tens of millions of dollars, Daimler AG and three of its subsidiaries brazenly offered bribes in exchange for business around the world," said Principal Deputy Assistant Attorney General Mythili Raman of the Criminal Division. "Using offshore bank accounts, third-party agents and deceptive pricing practices, these companies saw foreign bribery as a way of doing business. The guilty pleas and deferred prosecution agreements entered today by Daimler AG and its subsidiaries should serve as a message to other companies subject to the FCPA and conducting business around the world that corrupt business is bad business."
In connection with its guilty plea, DCAR admitted that it made improper payments to Russian federal and municipal government officials to secure contracts to sell vehicles by over-invoicing the customer and paying the excess amount back to the government officials, or to other designated third parties that provided no legitimate services to DCAR or Daimler AG. When requested, DCAR or Daimler AG employees caused the wire transfer of payments from Daimler AG's bank accounts in Germany to, among other destinations, U.S. and Latvian bank accounts held by shell companies with the understanding that the money, in whole or in part, was for the benefit of Russian government officials.
In connection with its guilty plea, ETF admitted that it made corrupt payments directly to Croatian government officials and to third parties, including two U.S.-based corporate entities, with the understanding that the payments would be passed on, in whole or in part, to Croatian government officials, to assist in securing the sale of 210 fire trucks.
In connection with its deferred prosecution agreement, DCCL admitted that it made improper payments in the form of commissions, delegation travel, and gifts for the benefit of Chinese government officials or their designees in connection with sales of commercial vehicles and Unimogs to various Chinese government customers. DCCL admitted that in certain cases it used U.S.-based agents to facilitate the bribe payments.
Under the terms of its deferred prosecution agreement, Daimler AG agreed to retain an independent compliance monitor for a three-year period to oversee the company's continued implementation and maintenance of an FCPA compliance program, and to make reports to the company and the Department of Justice. DCAR, ETF and DCCL are covered by the monitoring provisions of the deferred prosecution agreement with their parent company Daimler AG. Daimler AG also agreed to fully cooperate with investigations by U.S. and foreign authorities of the company's corrupt payments.
Today, Judge Leon also entered a separate judgment against Daimler AG resolving a related civil complaint filed by the U.S. Securities and Exchange Commission (SEC). Daimler AG agreed to pay $91.4 million in disgorgement of profits relating to those violations.
The criminal case is being prosecuted by Assistant Chief John S. (Jay) Darden and Deputy Chief Mark F. Mendelsohn of the Criminal Division's Fraud Section. The department acknowledges and expresses its appreciation for the significant assistance provided by the staff of the SEC during the course of this investigation. The department also acknowledges the significant contributions to this investigation by former Fraud Section Trial Attorney Amanda L. Riedel.
Source: U.S. Department of Justice
CONTACT: U.S. Department of Justice, +1-202-514-2008, TDD
+1-202-514-1888
Web Site: http://www.justice.gov/
Thursday, April 1, 2010
Shell Starts Production at Perdido - World's Deepest Offshore Drilling and Production
20:00 31 Mar 2010 Africa/Lagos time
Shell Starts Production at Perdido - World's Deepest Offshore Drilling and Production
Houston, March 31, 2010 /PRNewswire/ — Shell today produced its first oil and natural gas from the Perdido Development, the world’s deepest offshore drilling and production facility. Located in an isolated, ultra-deep sector of the Gulf of Mexico, Perdido marks a new era in innovation and safely unlocks domestic sources of energy for US consumers. The facility sits in approximately 2,450 meters (8,000 feet) of water, which is roughly equivalent to six Empire State Buildings stacked one atop the other, and will access reservoirs deep beneath the ocean floor. Perdido smashes the world water depth record for an offshore platform by more than 50%.
“Perdido is an impressive project in a strong Gulf of Mexico portfolio that continues to grow,” said Marvin Odum, Upstream Americas Director, Shell Energy Resources Company. “Perdido presented technical challenges unlike we’ve ever seen in the Gulf of Mexico. Shell’s team used its expertise to open this new frontier and confront complex reservoir characteristics, extreme marine conditions, and record water depth pressures. Perdido demonstrates what companies like Shell can do when US federal lands and waters are opened to responsible energy exploration and production.”
From the first lease purchase to today’s production, the Perdido Development required an industry workforce of approximately 12,000 people, including employees and contractors. Shell designed, and operates, the Perdido host spar, a floating production facility, which is jointly owned by Shell (35%), Chevron (37.5%), and BP (27.5%).
The facility will produce from the Great White, Silvertip, and Tobago offshore fields, requiring perhaps as many as 35 wells over the life of the fields. Tobago sits in more than 2,900 meters (9,600 feet) of water and surpasses the world depth record for a completed subsea well. In addition, all Perdido subsea fields will utilize a unique and innovative subsea separation and boosting system to enable oil and natural gas recovery.
“This is a new frontier in many respects,” said Odum. “Perdido’s floating production facility can be expanded to serve the future potential in the area, and we can apply the technology and expertise utilized at Perdido to other similarly challenging environments in the future.”
The Perdido Development will ramp up to annual peak production of more than 100,000 barrels of oil equivalent per day.
Also in the Gulf of Mexico, Shell recently announced another deepwater discovery at Appomattox, which is in addition to recent exploration success at West Boreas, Vito, and Stones. These discoveries underpin the potential for four new production hubs.
Perdido fast facts:
* One day’s production from Perdido is equivalent to the energy needed to fuel 500 cars for 15 years
* First commercial production from the Lower Tertiary reservoir in the Gulf of Mexico
* First Gulf of Mexico full host subsea separation and boosting removes about 2,000 psi of backpressure from the wells
* First spar wet tree Direct Vertical Access (DVA) wells
* The project achieved 10-million hours without a Lost Time Injury
* Located 320 kilometers (200 miles) from the Texas coast in Alaminos Canyon Block 857
* The Great White field represents about 80% of Perdido’s total estimated production
* Perdido’s project life is expected to be about 20 years
* Construction of the Perdido host spar began in late 2006
* Topsides were mated with the spar in a single lift in early 2009
Royal Dutch Shell plc
Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 100 countries with businesses including oil and gas exploration and production; production and marketing of Liquefied Natural Gas and Gas to Liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects including wind and solar power. For further information, visit www.shell.com
Contacts:
Shell Media Relations:
Shell US Media Line · 713-241-4544
International, UK, European Press · +31 70 377 3600
The Netherlands Press · +31 70 377 8750
Shell Investor Relations:
The Hague · Tjerk Huysinga · +31 70 377 3996 / +44 207 934 3856
USA · Harold Hatchett · +1 713 241 1019
For additional stories, photographs, a map of the area, video, and animations of the Perdido Development, visit the Perdido Web site.
Cautionary Statement
The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate entities. In this document “Shell”, “Shell group” and “Royal Dutch Shell” are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies. ''Subsidiaries'', “Shell subsidiaries” and “Shell companies” as used in this document refer to companies in which Royal Dutch Shell either directly or indirectly has control, by having either a majority of the voting rights or the right to exercise a controlling influence. The companies in which Shell has significant influence but not control are referred to as “associated companies” or “associates” and companies in which Shell has joint control are referred to as “jointly controlled entities”. In this document, associates and jointly controlled entities are also referred to as “equity-accounted investments”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect (for example, through our 34% shareholding in Woodside Petroleum Ltd.) ownership interest held by Shell in a venture, partnership or company, after exclusion of all third-party interest.
This document contains forward-looking statements concerning the financial condition, results of operations and businesses of Royal Dutch Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Royal Dutch Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as ''anticipate'', ''believe'', ''could'', ''estimate'', ''expect'', ''intend'', ''may'', ''plan'', ''objectives'', ''outlook'', ''probably'', ''project'', ''will'', ''seek'', ''target'', ''risks'', ''goals'', ''should'' and similar terms and phrases. There are a number of factors that could affect the future operations of Royal Dutch Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this document, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for the Group’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserve estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, fiscal and regulatory developments including potential litigation and regulatory effects arising from recategorisation of reserves; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; and (m) changes in trading conditions. All forward-looking statements contained in this document are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional factors that may affect future results are contained in Royal Dutch Shell’s Annual Report and Form 20-F for the year ended December 31, 2009 (available at www.shell.com/investor and www.sec.gov). These factors also should be considered by the reader. Each forward-looking statement speaks only as of the date of this press release, 31 March, 2010. Neither Royal Dutch Shell nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this document.
The United States Securities and Exchange Commission (SEC) permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this document that SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov. You can also obtain these forms from the SEC by calling 1-800-SEC-0330.
# # #
Update on the Allegation of $10.8 Billion Tax Evasion Fraud against Chevron and its Associated Companies 2
UPDATE ON THE ALLEGATION OF $10.8 BILLION TAX EVASION AND FRAUD AGAINST CHEVRON AND ITS ASSOCIATED COMPANIES BY ABZ INTEGRATED LIMITED
THE DOCUMENTS OF PROOF.
By Fidelis Uzonwanne, the Managing Consultant of ABZ Integrated Limited.
THE DOCUMENTS OF PROOF.
By Fidelis Uzonwanne, the Managing Consultant of ABZ Integrated Limited.
Subscribe to:
Posts (Atom)