United States: Ecuador weighs suit against Vitol in wake of graft revelations, sources say

Ecuadorian state-run oil company Petroecuador is weighing a lawsuit against Vitol after the world’s largest oil trader admitted last week to bribing officials in the South American country, according to two sources with direct knowledge of the matter.

Petroecuador is working with the nation’s attorney general to assess how much the Vitol-led graft scheme cost the company, and will likely bring a suit against the trading firm to recoup those damages, said the people, who requested anonymity to discuss private matters.

One of the sources said a final decision on whether to bring the suit should be made in less than 90 days.

Petroecuador declined to comment. The attorney general’s office did not respond to requests for comment. Vitol said it could not comment on anything that “may pertain to ongoing legal proceedings.”

The original full article can be found at reuters.com

(Photo: REUTERS/Gary Granja/File Photo)

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