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. Cobalt International has been under FCPA scrutiny since March 2011. SEC terminates Cobalt corruption probe. 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. Industries: Oil and Gas Energy Technology. Goldman Sachs is a major shareholder in Cobalt and two of its executives sit on Cobalt's board. 01500), and Nexen Petroleum Offshore U.S.A. Inc. (GOM Company No. Anti-Corruption Digest - February 2015. 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. Cobalt International Energy and its officers and directors in a securities fraud class action in the Southern District of Texas alleging that Cobalt defrauded investors by misrepresenting its FCPA compliance and the visibility of two large wells used for drilling off the coast of Angola. The named plaintiffs are two pension funds: one for St. Lucie County firefighters in Florida and one for firefighters and police in 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. Second, many green energy technologies require minerals such as nickel, lithium, and cobalt. Cobalt International Energy is riskier than the average oil company because it is still in the early stages of the development of costly and time-consuming offshore oil and gas projects. Where was general (and minister) Joo Loureno at the time? February 23, 2015. The company said on 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. The BP and Cobalt cases show why we need much more transparency around the accessing of oil deals in poor and corruption-prone Beyond tracking some of the biggest battery metal producers, the index will promote the Riverstone Holdings, which is owned by the Carlyle Group, founded Cobalt International Energy. COLUMN | Pandoras Box opens up more corruption in the oil industry [Offshore Accounts] Work Boat World Features. below, whereby Cobalt International Energy, L.P. (GOM Company No. The two companies reached a sale agreement a year ago, however Sonangols newly appointed boss, Isabel dos Santos, has now written to Cobalt to recommend that it sell elsewhere. Vicente is no stranger to corruption allegations. Cobalt International Energy is a global oil exploration company based in Houston, Texas. Retention Bonus Agreement. We represent companies, Boards of Directors, Audit Committees and individual employees. 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 Cobalt International Energy Sued. Vicente is no stranger to corruption allegations. Cobalts corporate governance is designed to enhance our ability to pursue the objectives critical to energy exploration and intended to ensure ongoing accountability and transparency to shareholders. Cobalt International Energy (NYSE: CIE) isn't like your average oil company. 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 company was involved in a controversial oil exploration deal in Angola involving a local firm with alleged links to the government. Thirty percent of Angolans are illiterate. In re Cobalt International Energy, Inc., et al., Case No. January 29, 2015. 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. Another year, another wave of allegations of corruption in the oil and gas industry, as the leaks in the Pandora Papers come to light. October 18, 2021. 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. 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. 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. 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. A number of lower- and middle-income countries that have high levels of corruption are sources of a significant proportion of these minerals. One example is Houston, TX-based Cobalt International Energy. Cobalt International Energy, Inc. is an independent, oil-focused exploration and production company with a salt prospect inventory in the deepwater of The SECs investigation began in March 2017. Cobalt International Energy is a petroleum exploration and production company based in Houston. Fifty-four percent of Angolans live under $1.25/day. Cobalt International Energy In 2007, Cobalt International Energy begun making efforts to secure oil exploration rights in Angola. 10-K filing to the Securities and Exchange Commission for 2009. 3. 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. According to the oil company,the SEC will not recommend any enforcement action against Cobalt. The company has reserves deepwater in the Gulf of Mexico and offshore Angola and Gabon in West Africa. As detailed in previous FCPA Scorecard posts, this 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. 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. 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. Industries: Oil and Gas Energy Technology. The original agreed price was $1.75 billion. 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. Cobalt International Energy. Cobalt International Energy, Inc. The same year Cobalt commissioned Navigant Consulting to investigate its local parter in the Angola venture, Nazaki Oil & Gas. Cobalt International Energys founders and main shareholders are Goldman Sachs, and a partnership between the Carlyle Group and Riverstone Holdings, with an initial investment of US$500 million in 2005. United States Securities and Exchange Commission (SEC) has terminated investigation relating to Cobalt International operations in Angola. Law360, Houston (December 1, 2014, 6:42 PM EST) -- Pension funds representing a proposed class of Cobalt International Energy Inc. shareholders sued What is Cobalt International Energy Corruption. Cobalt International Energy, Inc. is a development stage petroleum exploration and production company headquartered in Houston, Texas. The Toronto Stock Exchange has launched a new battery metals index, allowing investors to track Canadian-listed companies involved in the production and exploration of metals used for battery manufacturing. The SECs investigation began in March 2017. The matters range from routine counseling, to due 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. Exhibit 10.1 . The Company also has a non-operated interest in the Diaba Block offshore Gabon in West Africa. 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 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. The corruption allegations over ENI in Nigeria are a reminder of this -- but it is not only big oil companies that are impacted. 02079, relinquish all of their record title interests therein. Cobalt International Energy, Inc. operates as an oil-focused exploration and production company. 22 In March 2017, the SEC had initiated an informal inquiry related to Cobalt and contributions to the Sonangol Research and Technology Center. 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. 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. Question 1.1.8b: From 2015 onwards, have the beneficial owners of extractive companies been disclosed? A year ago we wrote about the first .. John Paulsons made headlines over gold and pianos lately, but another big move by the manager centered around Cobalt International Energy . [] U.S. regulators investigated and ultimately did not find Cobalt liable. 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. 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. Cobalt crashes, lawyers win class action. Common battery metals include lithium, cobalt, and nickel. 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. 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) 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. The BP and Cobalt cases show why we need much more transparency around the accessing of oil deals in poor and corruption-prone Cobalt International Energy and its officers and directors in a securities fraud class action in the Southern District of Texas alleging that Cobalt defrauded investors by misrepresenting its FCPA compliance and the visibility of two large wells used for drilling off the coast of Angola. Headquarters Houston, Texas. 424B1 Prospectus. Risk of military invasion; Level of corruption - especially levels of regulation in Basic Materials sector. SEC Ends Second FCPA Probe into Texas-based Energy Company. Effective Date: On April 10, 2018, the conditions set forth in Article The DRC has many problems with governance and transparency, leading to widespread abuses in its entire mining industry, not just cobalt. The Company has its operations focused in the deepwater United States Gulf of Mexico. 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. Becky Yerak. 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 . 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 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. Goldberg represented Cobalt International Energy in connection with several instances of FCPA scrutiny and as highlighted in this recent post his client refused to settle. 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 The process was concluded in 2010, with Cobalt gaining the exploration rights. 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.. A company owned by the former Angolan vice president and naturally one of the most emblematic members of the MPLA, Manuel Vicente, will have profited US$3 billion from the transaction of two oil blocks that had been ceded at zero cost by the company Sonangol. Angolas state energy group, Sonangol, has backed out of a $1.8bn deal with Cobalt International Energy. In a securities filing, Cobalt said the SECs staff has made a preliminary determination to In this digest, we draw together news of enforcement activity throughout the world and aim to reduce your information overload. The DRC has many problems with governance and transparency, leading to widespread abuses in its entire mining industry, not just cobalt. Tag: Cobalt International Energy. , Cobalt TOTAL & Nexen-Lessees OCS-G 31890-Keathley Canyon Block 347 OCS-G 31624-Garden Banks Block 502 Cobalt International Energy Inc., a publicly traded company whose major investors include Carlyle Group and Paulson & 02873), TOTAL E&P USA, INC. (GOM Company No. Several shareholder plaintiffs' firms have begun investigations into Cobalt International Energy Inc.'s possible violations of U.S. securities laws while operating in Angola. in August 2009 to become a holding company for Cobalt International Energy, L. 17-36709 (MI) Jointly Administered. Tata Group (/ t t /) is an Indian public multinational conglomerate manufacturer of automobiles, airplanes and other products, headquartered in Mumbai, Maharashtra, India.Founded in 1868 by Jamshedji Tata, the company gained international recognition after purchasing several global companies.It is one of the biggest and oldest They were initially funded by energy-focused private equity firms (Carlyle/ Riverstone and That is especially the case when one wants to drill off the coast of Africa. 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. They responded with Cobalt International Energy (NYSE: CIE), Calumet Specialty Product Partners (CLMT-0.70%), and Petrobras (PBR 2.32%). Cobalt International Energy: Oil, Angola and Corruption. Welcome to Dorsey & Whitneys monthly Anti-Corruption Digest. Because of the high volatility, Cobalt is a high-risk investment that could possibly give high rewards, but would best benefit a portfolio already stacked with low beta investments. The projected recovery in the Cobalt Settlement is between $4,200,000 and $165,700,000. As detailed in previous FCPA Scorecard posts, this US prosecutors have dropped their corruption investigation into Cobalt International Energy five years after the Houston-based oil explorers local partner in 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. [9] goldman_sachs_backs_angolan_oil_deal_despite_corruption_risks [12] Cobalt International 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 U.S. Department of Justice ("DOJ") and the Securities and Exchange Commission ("SEC") issued 15 declination letters in 2017 notifying companies of their decision not to pursue charges in connection with alleged violations of the Foreign Corrupt Practices Act ("FCPA").These declinations are a strong signal to companies that they should have strong anti-corruption 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. Cobalt International Energy, Inc. can closely analyze the following factors before entering or investing in a certain market- Political stability and importance of Independent Oil & Gas sector in the country's economy. 23 According to the U.S. government, Transparency International and Human Rights Watch, government corruption and mismanagement are pervasive in Angola. Despite its U.S. roots, it has interests in the west coast of Africa. The oil and gas industry is rife with corruption. United States Bankruptcy Court, Southern District of Texas. Personal and Confidential. Cobalts beta is currently 1.78, which means that the company is more receptive to change during times of boom or bust. Cobalt International Energy, Inc. is an independent exploration and production company. Page 106. Page 5. 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. Current operations. Beth Forsythe , Thomas O. Gorman , Mike Stinson. Both accessed at www.sec.gov Cobalt International Energy Inc. filed for bankruptcy on December 14, 2017. Cobalt was founded in 2005. 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. HOUSTON (Bloomberg) -- Cobalt International Energy Inc. fell more than 10% after it reported a government corruption investigation into its Angola operations may lead to Goldman Sachs is a major shareholder in Cobalt and two of its executives sit on Cobalt's board. Cobalt International is an energy company that explores and produces oil and gas at locations in North America and West Africa. 1.