As highlighted last week, Cobalt recently disclosed: On January 29, 2018, the United States Securities and Exchange Commission concluded its FCPA investigation relating to the Angolan operations of Cobalt International Energy, Inc. and advised that the SEC staff does not intend to recommend any enforcement action by the SEC against Cobalt. The US oil company Cobalt International Energy Inc. has been issued with a Wells Notice by the U.S. Securities and Exchange Commission in relation to its operations in Angola. Riverstone Holdings, which is owned by the Carlyle Group, founded Cobalt International Energy. Cobalt International Energy: Oil, Angola and Corruption. US prosecutors have dropped their corruption investigation into Cobalt International Energy (NYSE:CIE) five years after the Houston-based oil explorers local partner in an Angolan deal was revealed to have been secretly owned by top officials from the African nation.. Cobalt said on Wednesday that it had received a letter from the US Department of Houston-based oil explorer Cobalt International Energy is to cash out for $1.8bn on Angolan prospects that are at the centre of a US corruption investigation. Cobalt crashes, lawyers win class action. in August 2009 to become a holding company for Cobalt International Energy, L. Another year, another wave of allegations of corruption in the oil and gas industry, as the leaks in the Pandora Papers come to light. 1. The projected recovery in the Cobalt Settlement is between $4,200,000 and $165,700,000. A copy of the Declaration of David D. Law360 (October 12, 2018, 9:37 PM EDT) -- A class of Cobalt International Energy investors urged a Texas federal judge Friday to approve a $146. Cobalt International Energy In 2007, Cobalt International Energy begun making efforts to secure oil exploration rights in Angola. Goldman Sachs is a major shareholder in Cobalt and two of its executives sit on Cobalt's board. Tag: Cobalt International Energy. Anti-Corruption Digest - February 2015. Several shareholder plaintiffs' firms have begun investigations into Cobalt International Energy Inc.'s possible violations of U.S. securities laws while operating in Angola. Thirty percent of Angolans are illiterate. 424B1 Prospectus. Company: Cobalt International Energy, Inc Ticker Symbol: CIE Class Period: Feb-21-12 to Nov-4-14 Date Filed: Dec-22-14 Lead Plaintiff Deadline: Feb-20-15 Court: --- Allegations: Los Angeles, CA: A securities class action lawsuit has been brought on behalf of those who purchased or otherwise acquired the securities of Cobalt International Energy, The BP and Cobalt cases show why we need much more transparency around the accessing of oil deals in poor and corruption-prone One example is Houston, TX-based Cobalt International Energy. In this digest, we draw together news of enforcement activity throughout the world and aim to reduce your information overload. Houston-based Cobalt International Energy, Inc. announced in a January 29, 2018 8-K filing that the SEC had concluded its second investigation relating to the companys operations in Angola, and that SEC staff did not intend to recommend an enforcement action. According to the U.S. government, Transparency International and Human Rights Watch, government corruption and mismanagement are pervasive in Angola. The SECs investigation began in March 2017. Payments by BP to the state oil company of Angola and news of a U.S. investigation into Cobalt International Energys Angolan activities are underlining the need for greater transparency about how companies gain access to energy deals. Risk of military invasion; Level of corruption - especially levels of regulation in Basic Materials sector. 3. They were initially funded by energy-focused private equity firms (Carlyle/ Riverstone and The investment bank Goldman Sachs is backing an oil deal in Angola by U.S. firm Cobalt International Energy, despite a risk that local partners in the deal could expose Cobalt to prosecution for corruption in the United States, Global Witness revealed today. The corruption allegations over ENI in Nigeria are a reminder of this -- but it is not only big oil companies that are impacted. Effective Date: On April 10, 2018, the conditions set forth in Article IX.A of the Plan were satisfied and the Effective Date of the Plan occurred. January 29, 2015. Page 106. Beyond tracking some of the biggest battery metal producers, the index will promote the Law360 (February 13, 2019, 7:12 PM EST) A Texas federal judge approved $173.8 million in settlements of investor class action claims on Wednesday stemming from bribery allegations against now-bankrupt Cobalt International Energy Inc., plus $43.45 million in fees for co-class leads Bernstein Litowitz Berger & Grossmann, Entwistle & Cappucci and others. Cobalt International Energy Inc. said Tuesday its links to oil exploration and production in Angola are the subject of a formal U.S. probe into possible violations of foreign bribery law. The company said on US prosecutors have dropped their corruption investigation into Cobalt International Energy five years after the Houston-based oil explorers local partner in Cobalt International Energy is a petroleum exploration and production company based in Houston. In 2010, Angolan anti-corruption campaigner and journalist Rafael de Morais published a report alleging that a U.S. oil exploration company called Cobalt International Energy had gone into partnership with a front company secretly owned by Vicente and two other top Angolan officials. Fifty-four percent of Angolans live under $1.25/day. The named plaintiffs are two pension funds: one for St. Lucie County firefighters in Florida and one for firefighters and police in The Houston-based exploration company is seeking to cash out on its interest in two prospects in the southern African country that have attracted scrutiny by U.S. authorities. Cobalts pioneering approach to oil exploration was built on the unique idea that an agile company, armed with exceptional human talent, the best available seismic data, outstanding assets and a disciplined business model, can compete with the worlds largest energy [9] goldman_sachs_backs_angolan_oil_deal_despite_corruption_risks [12] Cobalt International The Company has its operations focused in the deepwater United States Gulf of Mexico. 01500), and Nexen Petroleum Offshore U.S.A. Inc. (GOM Company No. Image courtesy of Cobalt International Energy Cobalt International Energy Inc. said Tuesday it received a Wells Notice in connection with the SECs investigation of its operations in Angola and potential liabilities under the Foreign Corrupt Practices Act.. Cobalt International Energy. 1 Cobalt International Energy's Angola Play 1 Cobalt International Energy is a Houston-based, independent oil exploration and production company that is focused on prospects in the deepwater of the U.S. Gulf of Mexico and offshore in West Africa. A number of lower- and middle-income countries that have high levels of corruption are sources of a significant proportion of these minerals. The SECs investigation began in March 2017. August 7, 2017 [Name] Re: Retention Bonus Dear [Name]: On behalf of Cobalt International Energy, Inc. (the Company), I am pleased to offer you the opportunity to receive a retention bonus, if you agree to the terms and conditions contained in this Retention Bonus Baker Botts lawyers in the Corporate Investigations and Government Enforcement and International Trade Practice areas have been advising clients across industries on anti-corruption matters since the 1980s. The matters range from routine counseling, to due Cobalt International Energy won confirmation of a chapter 11 liquidating plan Thursday, clearing the way to closing on sales of its oil-and-gas assets in the Gulf of Mexico. Cobalt International Energy, Inc. They responded with Cobalt International Energy (NYSE: CIE), Calumet Specialty Product Partners (CLMT-0.70%), and Petrobras (PBR 2.32%). First, on November 30, 2014, plaintiff security holders filed a securities class action lawsuit in the Southern District of Texas against Cobalt International Energy, Inc., certain of its directors and officers, certain investment firms that allegedly controlled the company, and its offering underwriters. February 23, 2015. 22 In March 2017, the SEC had initiated an informal inquiry related to Cobalt and contributions to the Sonangol Research and Technology Center. The New York Stock Exchange has set an official date on which it will delist Houston-based oil and gas exploration and production company Cobalt International Energy Inc.'s shares. The process was concluded in 2010, with Cobalt gaining the exploration rights. Cobalts pioneering approach to oil exploration was built on the unique idea that an agile company, armed with exceptional human talent, the best available seismic data, outstanding assets and a disciplined business model, can compete with the worlds largest energy Welcome to Dorsey & Whitneys monthly Anti-Corruption Digest. Goldman Sachs is a major shareholder in Cobalt and two of its executives sit on Cobalt's board. HOUSTON (CN) Cobalt International Energy bribed Angolan officials for oil drilling rights and its stock price tanked when the SEC took note, costing investors billions of dollars, according to a class action lawsuit. Common battery metals include lithium, cobalt, and nickel. Cobalt International Energy, Inc. is a development stage petroleum exploration and production company headquartered in Houston, Texas. Cobalt International Energy Inc. filed for bankruptcy on December 14, 2017. 02079, relinquish all of their record title interests therein. On January 29, 2018, the SEC concluded its FCPA investigation into the Angolan operations of Cobalt International Energy, Inc. (Cobalt), a Houston-based oil exploration and production company. The original agreed price was $1.75 billion. SEC terminates Cobalt corruption probe. Cobalt International is an energy company that explores and produces oil and gas at locations in North America and West Africa. 02873), TOTAL E&P USA, INC. (GOM Company No. In 2010, Angolan anti-corruption campaigner and journalist Rafael de Morais published a report alleging that a U.S. oil exploration company called Cobalt International Energy had gone into partnership with a front company secretly owned by Vicente and two other top Angolan officials. What is Cobalt International Energy Corruption. Personal and Confidential. Both U.S. persons and non-U.S. persons whose activities are within U.S. jurisdiction including exporters, nongovernmental organizations, international organizations, and financial institutions may rely upon the authorizations in these COVID-19-related GLs provided they meet the applicable conditions. Question 1.1.8b: From 2015 onwards, have the beneficial owners of extractive companies been disclosed? Cobalt International Energy, Inc.: Form 10-K (1 March 2011) Cobalt International Energy, Inc.: Form 8-K (11 March 2011) Cobalt International Energy, Inc.: Form 10-K (21 February 2012) Quartz: "The absence of a mysterious research center in Angola could be evidence of oil corruption" (12 August 2014) [] We represent companies, Boards of Directors, Audit Committees and individual employees. This document is part of the source library for NRGI's 2017 Resource Governance Index, a comprehensive measure of the quality of natural resource governance in oil, gas and mineral-rich countries. According to the oil company,the SEC will not recommend any enforcement action against Cobalt. As of December 5, 2018, a class of investors entered into three settlements resolving a federal class action on behalf of investors who purchased the Cobalt International Energy securities between March 1, 2011 and November 3, 2014. The company was involved in a controversial oil exploration deal in Angola involving a local firm with alleged links to the government. In 2014, Mr Vicente was caught up in a nasty corruption allegation involving Cobalt International Energy when it turned out that he himself and two senior Angolan generals had held previously concealed stakes in Nazaki Oil and Gs, Cobalts local partner in Angola . below, whereby Cobalt International Energy, L.P. (GOM Company No. 17-36709 (MI) Jointly Administered. Cobalt International Energy Inc., a publicly traded company whose major investors include Carlyle Group and Paulson & Exhibit 10.1 . United States Bankruptcy Court, Southern District of Texas. In a securities filing, Cobalt said the SECs staff has made a preliminary determination to Cobalt International Energy Sued. The oil and gas industry is rife with corruption. Industries: Oil and Gas Energy Technology. U.S. regulators investigated and ultimately did not find Cobalt liable. That is especially the case when one wants to drill off the coast of Africa. Effective Date: On April 10, 2018, the conditions set forth in Article From oil companies to scientific equipment makers, enforcement actions resulted in total corporate penalties of $1.57 billion in 2014 and averaged a record $156.6 million. Unlike other oil and gas companies, Cobalt has chosen to focus on two main sites, the Gulf of Mexico and offshore from Angola and Gabon, rather than to expand all around the globe. Beth Forsythe , Thomas O. Gorman , Mike Stinson. COBALT INTERNATIONAL ENERGY, INC. : REVERSE SPLIT: 1 of 15 COBALT INTERNATIONAL ENERGY, INC. : Announces Effectiveness of 1-for-15 Reverse Stock Split COBALT INTERNATIONAL ENERGY, INC. : Revises Effective Date of Reverse Stock Split Cobalt International Energy, Inc. is an independent exploration and production company. 10-K filing to the Securities and Exchange Commission for 2009. The investment bank Goldman Sachs is backing an oil deal in Angola by U.S. firm Cobalt International Energy, despite a risk that local partners in the deal could expose Cobalt to prosecution for corruption in the United States, Global Witness revealed today. Cobalt International Energy is a global oil exploration company based in Houston, Texas. The BP and Cobalt cases show why we need much more transparency around the accessing of oil deals in poor and corruption-prone John Paulsons made headlines over gold and pianos lately, but another big move by the manager centered around Cobalt International Energy . The DRC has many problems with governance and transparency, leading to widespread abuses in its entire mining industry, not just cobalt. Cobalts beta is currently 1.78, which means that the company is more receptive to change during times of boom or bust. The Company also has a non-operated interest in the Diaba Block offshore Gabon in West Africa. Despite its U.S. roots, it has interests in the west coast of Africa. Second, many green energy technologies require minerals such as nickel, lithium, and cobalt.