Nigeria: Malabu Scandal – After Telling Lies for Years, Shell Admits It Knew Etete Would Benefit From $1.1 Billion: PremiumTimes
After repeated denials in various countries, Anglo-Dutch oil giant, Royal Dutch Shell, on Monday finally admitted it had foreknowledge that the $1.3 billion itself and ENI paid to Nigerian government for the OPL 245 oil block licence would ultimately be used to settle convicted former Minister of Petroleum, Dan Etete.
Shell dealt with money-launderer to ‘resolve impasse’: EveningStandard
Only 24 hours after claiming it had no knowledge of “improper payments” to a convicted money-launderer over a $1.3 billion (£1.1 billion) oil field acquisition in Nigeria, Shell has admitted it had known it was dealing with the controversial figure but doing so was “the only way to resolve [an] impasse”.
LONDON: Royal Dutch Shell (RDSa.L) has said it knew that some of the payments it made to Nigeria for the rights to an oilfield would go to Malabu Oil and Gas, a company associated with a former Nigerian oil minister and convicted money launderer.
Shell corruption probe: Top executives knew part of £1.3bn Nigerian oil deal would go to convicted money launderer: The Independent
In a huge u-turn, the company has now admitted it knew Mr Etete was involved.
Shell has admitted for the first time it dealt with a convicted money-launderer when negotiating access to a vast oil field in Nigeria. It comes after emails were published showing Shell negotiated with Dan Etete, who was later convicted of money laundering in a separate case.
Malabu Scam: Shell Finally Admits Knowing It Was Paying Bribes To Etete: Sahara Reporters
Global oil giant, Shell, has been forced to admit that it knew it was paying bribes to Nigerian government officials during the transaction for OPL 245. Shell, which had consistently denied wrongdoing, on Monday, admitted that the transaction lacked fidelity.
Shell rocked by corruption claims after negotiating with money launderer during £1bn Nigerian oil field purchase: Daily Mail/This is Money
Current chief executive Ben Van Beurden has also been caught up in the investigation. He was not in position when the deal was complete, but after Shell’s Hague offices were raided in February last year, Dutch authorities wire-tapped a call between Van Beurden and then chief financial officer Simon Henry in which Van Beurden allegedly urged Henry not to disclose the raid to shareholders.
The allegations by Global Witness and Finance Uncovered refer to the 2011 purchase by oil giants Shell and Eni of OPL245, an offshore oil block estimated to hold 9 billion barrels of crude, for $1.3 billion.
In the telephone recording, Shell’s chief, Ben van Beurden is telling his then chief financial officer, Simon Henry “that the emails among employees contained language like, “I wonder who gets a payoff here.” Beurden is further heard warning Henry not to volunteer any unnecessary information to the police.