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Addax Petroleum Ltd., on Thursday said it has paid a 31 million Swiss francs (about N11.5 billion) fine in Geneva, Switzerland to settle bribery case in Nigeria.
Mr Douglas Chene-Bougeries, the Public Relations Officer, Geneva, Switzerland Branch of the company, confirmed this in a statement made available in Lagos.
Chene-Bougeries said that the fine was a settlement on the bribery charges allegedly levelled against some officials in Nigeria.
Herr are few things about the case:
- Addax Petroleum had also agreed to the terms set out in the Geneva Prosecutor’s Office’s order dated July 5, 2017.
- On March 24, the company’s Chief Executive Officer, in its Geneva Office, Zhang Yi, and the Legal Director were arrested and charged with alleged millions of dollars payments to an unnamed company and some lawyers in Nigeria.
- A four-month investigation found that the payments were not sufficiently documented and doubts remained on their legality, but no criminal intent was established, the Geneva Prosecutor’s office said in a statement.
- Addax acknowledged possible organisational shortcomings and had taken measures to improve internal anti-corruption procedures.
With this settlement, the cases against the company chief executive officer and legal director have also been closed, the spokesman for the prosecutor, was quoted as saying.
- NAN
Mr Douglas Chene-Bougeries, the Public Relations Officer, Geneva, Switzerland Branch of the company, confirmed this in a statement made available in Lagos.
Chene-Bougeries said that the fine was a settlement on the bribery charges allegedly levelled against some officials in Nigeria.
Herr are few things about the case:
- Addax Petroleum had also agreed to the terms set out in the Geneva Prosecutor’s Office’s order dated July 5, 2017.
- On March 24, the company’s Chief Executive Officer, in its Geneva Office, Zhang Yi, and the Legal Director were arrested and charged with alleged millions of dollars payments to an unnamed company and some lawyers in Nigeria.
- A four-month investigation found that the payments were not sufficiently documented and doubts remained on their legality, but no criminal intent was established, the Geneva Prosecutor’s office said in a statement.
- Addax acknowledged possible organisational shortcomings and had taken measures to improve internal anti-corruption procedures.
With this settlement, the cases against the company chief executive officer and legal director have also been closed, the spokesman for the prosecutor, was quoted as saying.
- NAN
