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Switzerland arrests Addax Petroleum CEO over bribery deal linked to Nigeria

Switzerland arrests Addax Petroleum CEO over bribery deal linked to Nigeria
March 25
20:32 2017

Geneva prosecutor’s office has arrested Zhang Yi, chief executive officer (CEO) of Addax Petroleum, and charged him with suspected bribery of foreign officials.

A lawyer for Addax confirmed to Reuters that the investigation was linked to activity in Nigeria, but would not comment further.

On Saturday, the management of Addax Petroleum Nigeria Ltd. admitted that Geneva prosecutors were conducting a criminal investigation into allegations focusing primarily on the company’s business in Nigeria.

Michael Owhoko, the company’s communications officer, confirmed the development in a statement in Lagos.

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Owhoko said Addax is taking the matter seriously and will be responding appropriately to the investigation.

“This matter is the subject of an ongoing investigation, we are unable to comment further at present,” he said.

Henri della Casa, spokesman for the prosecutor, had earlier told Reuters that a criminal procedure had also been opened against the company — bought by China’s state-owned Sinopec, Asia’s largest oil refiner in 2009.

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“I can confirm that the Geneva prosecutor has opened a criminal investigation into bribery of foreign officials and that the company, Addax and its director-general and legal director are the subject of it,’’ della Casa said.

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