Economy

Trial of Shell, Eni over Nigeria to switch to new Milan court

Trial of Shell, Eni over Nigeria to switch to new Milan court”

An Italian court has postponed the start of a trial of Royal Dutch Shell (LON:RDSA) and Eni executives over alleged corruption in Nigeria, Reuters has reported.

The trial will now begin on May 14.

The court is expected to set the new trial date on Monday, the sources said.

The companies are also facing charges in Nigeria over the case, which concerns Nigeria's OPL-245 - an offshore oilfield estimated to hold 9bn barrels of crude oil - secured by Shell and Eni in 2011.

Prosecutors said bribes were paid to win the licence to explore the field, which has never entered into production.

Nigeria's anti-graft agency, the EFCC, filed corruption charges against Shell and Eni in March 2017, accusing 11 defendants, including Etete, of "official corruption" in connection with the deal.

The agreement allegedly saw Nigeria's former president Goodluck Jonathan and former oil minister Etete pocket bribes, according to corruption watchdog Global Witness.

A Milan judge ruled in December that the companies, along with present and past executives, would face trial.

He further argued that going ahead with the prosecution of the suspects will portray Nigeria in bad light before the worldwide community and foreign investors, who could see Nigeria as a country that could not be trusted to respect its obligations to global partners.

The case involves the purchase of an offshore oil block in Nigeria for $1.3bn (£1bn) in 2011.

The confusion within the Nigerian government on how to proceed with the scandal reared its head in Italy.

Meanwhile, Human Environmental Development Agenda (HEDA), one of the activist groups that sparked off the trial, has said it was shocked and deeply disturbed by the "confused appearance" of the federal government in court on Monday.

"Eni and Shell closed the deal with the government without the involvement of an intermediary".

"There is now a very real risk that both instructed lawyers will not be recognized by the court, leaving the FRN out in the cold".

Milan prosecutors also have opened an investigation into allegations that Eni legal representatives tried to throw investigators off of the Nigeria case.

The meeting followed a revelation two weeks ago that Mr. Malami had written to President Buhari to prevent Nigeria's anti-fraud police, Economic and financial Crimes Commission from prosecuting a former Attorney General and Minister for Oil Resources, Diezani Allison-Madueke who were named in the bribery scam by Italian investigators and prosecutors in Milan.



Like this

loading...
loading...

Latest


05 March 2018
Turkish court rejects request for Greek soldiers' release
However, the Greek government spokesman said that he believed they would return fast. Heavy snow and fog had been reported in the area.

05 March 2018
Opko Health Inc. (OPK) CEO Acquires 78000 Shares of Stock
OPK now trades at a P/B of 1.00, and a P/S of 1.55 while JWN trades at a forward P/E of 14.82, a P/B of 10.34, and a P/S of 0.56. Opko Health makes up approximately 0.6% of Boulegeris Investments Inc.'s portfolio, making the stock its 28th biggest holding.

05 March 2018
Six Nations 2018: Tadhg Furlong, Iain Henderson return for Ireland
Ireland's three consecutive wins in the tournament puts them top of the table by five points as they aim for their third title in five years.

05 March 2018
Jacqueline Fernandez is still smiling
Earlier this week, Bollywood actor Jacqeline Fernandez received backlash after she was clicked smiling at Sridevi's funeral. The actress will also be seen recreating the Race anthem track "Allah Duhai Hai" alongside Salman Khan.

05 March 2018
Which insiders are selling Applied Materials, Inc. (AMAT)?
The manufacturing equipment provider reported $1.06 EPS for the quarter, beating the Zacks' consensus estimate of $0.98 by $0.08. The Kansas-based Intrust Financial Bank Na has invested 0.09% in Applied Materials, Inc. (NASDAQ:AMAT) for 128,699 shares.

05 March 2018
Amazon considers offering a checking account
Earlier this year, Amazon and JPMorgan teamed up with Warren Buffett's Berkshire Hathaway to tackle rising healthcare costs for their United States employees.

05 March 2018
Sanderson Farms (NASDAQ:SAFM) Stock Rating Reaffirmed by BMO Capital Markets
Solus Alternative Asset Management Lp bought 5.81M shares as the company's stock declined 3.95% while stock markets rallied. It dived, as 45 investors sold SAFM shares while 98 reduced holdings. 62 funds opened positions while 63 raised stakes.

05 March 2018
Mogy Joel R Investment Counsel Inc. Grows Position in Amazon.com, Inc
Ithaka Group Llc increased its stake in Nvidia Corp (NVDA) by 157.08% based on its latest 2017Q3 regulatory filing with the SEC. Shares of Amazon.com, Inc. ( NYSE:C ), 19 have Buy rating, 3 Sell and 18 Hold. (NASDAQ:AMZN) rating on Wednesday, September 28.

05 March 2018
China to increase 2018 defense budget by 8.1pc
It follows last months steps by the government to take control of insurance and financial giant Anbang . The country will completely open up its general manufacturing sector to foreign investors this year.

05 March 2018
Wells Fargo & Co (NYSE:WFC) Holdings Trimmed by Apriem Advisors
Zacks Investment Research upgraded Wells Fargo & Co from a "sell" rating to a "hold" rating in a report on Tuesday, December 19th. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases.