US Investigates Chinese Oil Company Over $100m Bribe Allegedly Paid To Nigerian Government Officials

[et_pb_section admin_label=”Section” fullwidth=”on” specialty=”off” background_image=”https://www.newsoncompliance.com/wp-content/uploads/2017/11/o-OIL-DERRICK-facebook.jpg” transparent_background=”off” allow_player_pause=”off” inner_shadow=”off” parallax=”off” parallax_method=”off” make_fullwidth=”off” use_custom_width=”off” width_unit=”on” make_equal=”off” use_custom_gutter=”off” module_class=”blog-header”][et_pb_fullwidth_post_title admin_label=”Fullwidth Post Title” title=”on” meta=”off” author=”on” date=”on” categories=”on” comments=”on” featured_image=”off” featured_placement=”below” parallax_effect=”on” parallax_method=”on” text_orientation=”center” text_color=”light” text_background=”off” text_bg_color=”rgba(255,255,255,0.9)” module_bg_color=”rgba(255,255,255,0)” use_border_color=”off” border_color=”#ffffff” border_style=”solid” custom_padding=”100px||80px|” title_line_height=”1.6em”] [/et_pb_fullwidth_post_title][/et_pb_section][et_pb_section admin_label=”section” transparent_background=”off” allow_player_pause=”off” inner_shadow=”off” parallax=”off” parallax_method=”off” custom_padding=”20px||20px|” make_fullwidth=”off” use_custom_width=”off” width_unit=”on” make_equal=”off” use_custom_gutter=”off” module_class=”blog-content-wrapper”][et_pb_row admin_label=”Row”][et_pb_column type=”2_3″][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”left” use_border_color=”off” border_color=”#ffffff” border_style=”solid” module_class=”blog-text”]

The Department of Justice (DOJ) in the United States of America (USA) has launched an investigation into the activities of the China Petroleum and Chemical Corporation (Sinopec) over alleged bribery in Nigeria.

Sinopec officials stand accused of paying Nigerian government officials about $100 million worth of bribes to resolve a business dispute.

Investigators from the Justice Department are working with their colleagues from the Securities and Exchange Commission (SEC) to unravel how some lawyers channelled the illegal payments from Sinopec’s unit in Switzerland to Nigerian government officials through banks in New York and California.

The bribe said to have been paid around May 2015 was allegedly intended to be used in resolving a $4 billion dispute between the Chinese oil company’s Addax Petroleum unit in Geneva and the Nigerian government over drilling and other capital costs, tax breaks and a division of royalties between Addax and the Nigerian National Petroleum Corporation (NNPC).

The brewing scandal follows the pattern of the popular Malabu oil scandal in which Nigerian government officials allegedly received bribes to divert proceeds from the sale of Nigerian oil assets. Former minister of justice and attorney-general of the federation (AGF), Mohammed Adoke is involved in both cases.

In the present case involving Sinopec, Adoke is said to have influenced the government’s decision to settle its dispute with Addax out of court on May 25, 2015, about 4 days before the Goodluck Jonathan administration lapsed. As part of the settlement terms, the federal government decided to drop its demand that Addax repays about $3 billion of past benefits enjoyed as tax breaks and reimbursement for capital costs under questionable circumstances.

Investigators now allege that huge sums of money were paid to Nigerian government officials through lawyers just at about the time the Jonathan administration settled the dispute with Addax.

According to Bloomberg, auditors from Deloitte were also said to have questioned certain payments made by Addax to lawyers in Nigeria and resigned from auditing the company after failing to get satisfactory answers.

Source: Olisa.tv

[/et_pb_text][et_pb_text admin_label=”Link/Source” background_layout=”light” text_orientation=”left” use_border_color=”off” border_color=”#ffffff” border_style=”solid”] [/et_pb_text][/et_pb_column][et_pb_column type=”1_3″][et_pb_code admin_label=”Right Sidebar” saved_tabs=”all” global_module=”48″]Coming Soon[/et_pb_code][/et_pb_column][/et_pb_row][et_pb_row admin_label=”Row” make_fullwidth=”off” use_custom_width=”off” width_unit=”on” use_custom_gutter=”off” allow_player_pause=”off” parallax=”off” parallax_method=”off” make_equal=”off” parallax_1=”off” parallax_method_1=”off” module_class=”blog-more-articles-wrapper”][et_pb_column type=”4_4″][et_pb_text admin_label=”Text” background_layout=”light” text_orientation=”left” use_border_color=”off” border_color=”#ffffff” border_style=”solid”]

Latest Articles

[/et_pb_text][et_pb_blog admin_label=”Latest Articles” fullwidth=”off” posts_number=”3″ show_thumbnail=”on” show_content=”off” show_more=”off” show_author=”off” show_date=”on” show_categories=”on” show_comments=”off” show_pagination=”off” offset_number=”0″ use_overlay=”off” background_layout=”light” use_dropshadow=”off” use_border_color=”off” border_color=”#ffffff” border_style=”solid”] [/et_pb_blog][/et_pb_column][/et_pb_row][/et_pb_section]

Related posts:

Behind An $18 Billion Donation To A New York Charity, A Shadowy Chinese Conglomerate Ex-Hong Kong Minister Patrick Ho Indicted In US Over Alleged US$2.9 Million In Bribes To African Officials Patrick Ho US Bribery Case: CEFC China Energy Identified In Evidence Against Ex-Hong Kong Minister Legg Mason To Pay US$64 Million To Resolve US Allegations Of Libya Bribery Scheme