Great article by Reuters on Corp. Governance and Controls - Latam Energy Advisors LLC
The state-owned petroleum giant
Pemex paid $9 million in 2011 to have an oil rig towed halfway round the world,
from the United Arab Emirates to the Gulf of Mexico. When government auditors
looked at the contract, they turned up some problems.
The rig had the wrong equipment for the assignment, according to
a report by Mexican congressional auditors. And the tow job itself was a
fiction: The rig didn’t need to be moved. It was already in the Gulf of Mexico.
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