Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Companies

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors

Italy prosecutor says Eni, Shell aware of bribes in Nigeria case

07/02/2020 | 02:09pm EST
FILE PHOTO: Eni's Renewable Energy and Environmental R&D Center is seen in Novara

Oil majors Eni and Royal Dutch Shell were aware that most of the money they spent to buy a Nigerian oilfield in 2011 would go in corrupt payments to politicians and officials, a prosecutor said on Thursday.

"They were kickbacks. And Eni and Shell knew it," Sergio Spadaro told judges in Milan, summing up the prosecutors' case in what is one of the industry's largest corruption scandals ever.

Italy's Eni and Shell, who deny any wrongdoing, bought the OPL 245 offshore field in 2011 for about $1.3 billion from Malabu, a company owned by former Nigerian oil minister Dan Etete.

Prosecutors allege that about $1.1 billion of that money was siphoned off to politicians and middlemen, half of it to Etete himself.

During a 7-hour speech in a special court room to meet COVID-19 requirements, Spadaro read out a series of emails between former Shell managers, including one saying it had been taken for granted Etete would have only kept a part of the price for himself, using the rest to pay off Nigerian politicians.

"There are a whole load of sharks around," the email read out by Spadaro said.

Prosecutors are expected to make their final sentencing requests for those involved in the long-running case at a second hearing in Milan scheduled for July 21.

Besides the two companies, another 13 people are involved in the case including current Eni Chief Executive Claudio Descalzi and former Shell head of upstream Malcolm Brinded.

All the defendants have denied any wrongdoing, saying the purchase price was paid into an official Nigerian government account with all subsequent transfers being beyond their control.

In a statement on Thursday Eni said it had paid the Nigerian government a fair and reasonable price for the field in a clear and transparent way.

"Eni did not know, nor was obliged in any way to know, the final destination of the funds subsequently paid to Malabu by the Nigerian government," it said.

(Reporting by Emilio Parodi and Alfredo Faieta, writing by Stephen Jewkes, editing by Alexandra Hudson)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ENI S.P.A. -0.41% 8.49 Delayed Quote.-0.01%
LONDON BRENT OIL 0.25% 55.62 Delayed Quote.8.43%
ROYAL DUTCH SHELL PLC -2.22% 15.6 Real-time Quote.9.14%
WTI 0.90% 52.641 Delayed Quote.9.49%
Latest news "Companies"
10:54aHOW TO CREATE A KAHOOT : Step-by-step guide and extra tips for teachers
PU
10:54aF&M BANK CORP : Results of Operations and Financial Condition (form 8-K)
AQ
10:53aWhat to Know About Getting Pregnant Amid COVID-19 According to Mary Jane Minkin, M.D.
BU
10:53aMVIS CryptoCompare Institutional Bitcoin Index Licensed to Ninepoint Partners LP
BU
10:52aJONES LANG LASALLE INCORPORATED : 55+ housing community near Minneapolis sold for $18.75M
PU
10:52aPrime Minister Shri Narendra Modi speaks to His Highness Sheikh Mohammed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi & Deputy Supreme Commander of the UAE Armed Forces
PU
10:52aBLUE.CLOUD : Announces Strategic Partnership with Starburst
BU
10:50aSouth Korea's KNOC seeks to sell North Sea assets - document
RE
10:50aOTIS WORLDWIDE : Earns “Best Places to Work for LGBTQ Equality” Recognition
PU
10:50a1 800 FLOWERS COM INC : Results of Operations and Financial Condition, Financial Statements and Exhibits (form 8-K)
AQ
Latest news "Companies"