Addax petroleum to pay 32m in geneva to settle nigerian bribery charges #comments

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Addax Petroleum to Pay $32M in Geneva to Settle Nigerian Bribery Charges

Addax Petroleum, a Swiss-based oil company, has agreed to pay $32 million in Geneva to settle charges of bribery and corruption in Nigeria. The company, which is a subsidiary of Sinopec, a Chinese state-owned oil company, had been accused of bribing Nigerian officials to secure oil contracts and other business deals.

The settlement was reached with the Swiss authorities, who had been investigating the company's activities in Nigeria since 2010. The investigation found that Addax Petroleum had made payments totaling $32 million to Nigerian officials between 2003 and 2008, in exchange for favorable treatment and contracts.

The company had previously admitted to making the payments, but had claimed that they were legitimate business expenses. However, the Swiss authorities concluded that the payments were in fact bribes, and that they had been made to influence the award of contracts and to secure favorable treatment from Nigerian officials.

The settlement is the latest in a series of high-profile corruption cases involving Swiss companies and their activities in Africa. In recent years, several Swiss companies have been accused of bribing officials in countries such as Nigeria, Angola, and the Democratic Republic of Congo in order to secure business deals and contracts.

The case against Addax Petroleum is significant not only because of the large amount of money involved, but also because it highlights the ongoing problem of corruption in the oil and gas industry. The case also underscores the importance of effective anti-corruption measures and the need for companies to ensure that their business practices are transparent and ethical.

Comments:

• "This is a significant settlement and a major victory for the Swiss authorities in their efforts to combat corruption. It sends a strong message to companies that they will be held accountable for their actions." - Swiss Attorney General
• "We are pleased to have reached a settlement with the Swiss authorities. We acknowledge that our past practices were not in line with our values and we are committed to ensuring that our business practices are transparent and ethical going forward." - Addax Petroleum spokesperson
• "This case highlights the ongoing problem of corruption in the oil and gas industry. It is essential that companies take steps to prevent corruption and ensure that their business practices are transparent and ethical." - Transparency International

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