Addax agrees to pay $32m to settle Swiss, Nigerian affiliated bribery charges

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Babatunde Akinsola

Lagos Nigeria, (Naija247news) July 05 – Swedish-based Addax Petroleum has agreed to pay 31 million Swiss francs ($32 million) to settle charges of suspected bribery of foreign officials, the Geneva prosecutor’s office said on Wednesday.

Prosecutors for the Swiss canton of Geneva investigated the company, whose chief executive officer and legal director were also charged, over several tens of millions of dollars in payments to a company and several lawyers in Nigeria.

A four-month investigation found 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.

It added that Addax acknowledged possible organisational shortcomings and had taken measures to improve internal anti-corruption procedures.

With this settlement the cases against the CEO and legal director have also been closed, a spokesman for the prosecutor said.

Addax was bought by China’s state-owned Sinopec, Asia’s largest oil refiner in 2009.

Addax said in an emailed statement 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 in a statement.

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA). He currently lives in Manhattan New York

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