It’s been public knowledge for years that Pride International Corp. allegedly bribed someone at PDVSA. But this document (linked from the FCPA Professor blog) is the first time I’ve seen how the scheme (no longer just alleged, as Pride has admitted wrongdoing in its deferred prosecution agreement) worked, mechanically. The short story is that the charges show that corruption works exactly how you think it would.
I was going to try and summarize this all but FCPA Prof has already done a fine job of it. Go read.
I just wonder what ever happened to the bribe money. Who was this unnamed director? And where is he now?