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Ecuador Political News

Ecuador Oil Co. Wants Payout From Feds’ Bribery Case- Law360


Ecuador’s national oil company told a Florida federal judge Monday that it’s entitled to recover millions of dollars from a former Miami financial adviser who recently reached a plea deal with U.S. prosecutors in a case alleging he helped bribe officials at the company.

Empresa Pública de Hidrocarburos del Ecuador, commonly known as Petroecuador, asked the court to recognize it as a victim of defendant Frank Chatburn Ripalda’s conduct so that it can seek restitution. The company made its request ahead of Wednesday’s scheduled sentencing of Chatburn in Miami.

The 42-year-old pled guilty in October to a single count of conspiracy to commit money laundering in the face of criminal charges that he violated the Foreign Corrupt Practices Act by funneling millions in bribe money to Petroecuador officials to secure contracts for a private company and helped set up offshore shell corporations and Swiss bank accounts to help conceal the illicit payments.

To read the full article on Law360, click here.


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