Shell, Eni preempt any US probe over Nigeria with filings

L ONDON — Oil giants, Royal Dutch Shell and Eni, have voluntarily filed to US authorities internal probes into how they acquired a giant fie...

LONDON— Oil giants, Royal Dutch Shell and Eni, have voluntarily filed to US authorities internal probes into how they acquired a giant field in Nigeria as the companies seek to fight corruption allegations in Europe and Africa.

According to Reuters, the filings, to the US Department of Justice, DOJ, and Securities and Exchange Commission, SEC, do not mean US authorities are investigating Shell or Eni.

But the move shows the companies are trying to preempt questions from the United States as they face one of the oil industry’s biggest-ever graft trials in Italy, to begin in May in Milan, a pending trial in Nigeria and an investigation in the Netherlands.

The case revolves around the purchase of a huge block off oil-rich Nigeria, known as OPL 245, which holds an estimated 9 billion barrels in reserves.

Italian prosecutors alleged that bribes were paid in an effort to secure rights to the block in 2011. A number of top executives from both companies, including Eni Chief Executive, Claudio Descalzi, and former Shell Foundation Chairman, Malcolm Brinded, will face trial.

Both companies’ shares are traded on US stock exchanges, putting their foreign dealings in the scope of US authorities.

Shell and Eni, on behalf of subsidiaries, in 2010 entered deferred prosecution agreements with the DOJ over separate Nigerian corruption allegations.

Those pacts dismissed charges after a certain period in exchange for fines and an agreement to fulfill a number of requirements. They concluded in 2013 and 2012, respectively.

The post Shell, Eni preempt any US probe over Nigeria with filings appeared first on Vanguard News.

COMMENTS

Name

Education,2,Entertainment,85,finance,5,Football,24,health,20,Hot Posts,45,Latest Nigerian News,145,News,15114,Newsplashy Tips,22,Newssplashy Tips,45,politics,19,sports,20,Stories,3,Technology,12,Video,4,World News,26,
ltr
item
NewsSplashy - Latest Nigerian News Online,World Newspaper: Shell, Eni preempt any US probe over Nigeria with filings
Shell, Eni preempt any US probe over Nigeria with filings
NewsSplashy - Latest Nigerian News Online,World Newspaper
https://www.newssplashy.com/2018/03/shell-eni-preempt-any-us-probe-over.html
https://www.newssplashy.com/
https://www.newssplashy.com/
https://www.newssplashy.com/2018/03/shell-eni-preempt-any-us-probe-over.html
true
2577610654942866673
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy