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JP Morgan says it knew ex-minister linked to firm in Nigeria oilfield deal

Shell said in April last year that it “always knew” the Nigerian government would compensate Malabu and that Etete was involved. It had previously told Reuters only that payments went to the Nigerian government.

Julia PayneLibby George 7 April 2018 LONDON (Reuters) – JP Morgan Chase has acknowledged it knew a former Nigerian oil minister convicted of money laundering would benefit when it transferred over $800 million of government funds to a company he controlled, according to a court document seen by Reuters.

JP Morgan made the acknowledgement in its legal response to a lawsuit filed by Nigeria over transactions made by the U.S. bank when Royal Dutch Shell and Eni bought offshore oilfield OPL 245 from Malabu Oil and Gas in 2011.

The $1.3 billion deal has spawned legal cases spanning several countries and involving Nigerian government officials and senior ENI and Shell executives, a number of whom face trial in Italy on corruption charges next month.

Malabu is controlled by Dan Etete, who was Nigeria’s oil minister at the time of the deal and was convicted of money laundering in France in 2007. He could not be reached for comment.

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