BEVERLY HILLS, July 06, (THEWILL) – China’s state-owned Addax Petroleum has agreed to pay a fine of 31 million Swiss francs ($32 million) in Geneva, Switzerland, in settlement of charges of suspected bribes given to Nigerian officials.
Reports indicate that the Geneva prosecutor’s office, which investigated the allegations against Addax, had also confirmed the criminal investigation into allegations concerning its operation in Nigeria.
The investigation, which began four months ago, led to the arrest of the Chief Executive Officer of its Geneva Office, Zhang Yi, and the Legal Director, who were charged over several millions of dollars in payments to an unnamed company and several lawyers in Nigeria.
Reuters quoted the Geneva Prosecutor’s Office as saying that the four-month investigation found that the payments were not sufficiently documented and doubts remained on their legality.
The statement, however, added that no criminal intent was established against Addax Petroleum, which was bought in 2009 by China’s state-owned Sinopec, Asia’s largest oil refiner and third largest in the world.
The Geneva Prosecutor’s Office said that Addax acknowledged possible organisational shortcomings and had taken measures to improve internal anti-corruption procedures.
Addax in a statement revealed that its CEO had resumed his duties, while its chief legal officer retired on June 30.
“Addax Petroleum is committed to conducting its business with the highest level of integrity, and in full compliance with applicable laws, regulations and industry standards,” the company said.
