Eni, the oil giant, will face shareholders at its annual general meeting in Rome this week amid growing resentment over the company’s performance and its involvement in a number of embarrassing scandals.
Scrutineer.biz, an activist investor website, has been following Eni’s troubles and we believe that chief financial officer Massimo Mondazzi has serious questions to answer over financial controls at Italy’s second-largest company.
This follows revelations that Eni has been caught in a number of scandals including unexplained deals with an oil trader and potential sanctions evasion.
The fact is that Eni has a serious problem with issues of corporate governance and with its internal financial controls. The most obvious example is the infamous OPL 245 case, which has been rumbling on since 2011 when, it is alleged, Eni along with partner Shell bought Nigerian oilfield OPL 245, knowing most of the $1.3B price would go to agents and middlemen in bribes. An ongoing criminal trial in Italy over the corruption allegations has been delayed by the coronavirus crisis.
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