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Extractive Industries/Mining/Oil & Gas
Antwerp, Belgium
Nationality of Foreign Officials: Nigeria
Summary of Allegations:
Dredging International Services (Cyprus) Ltd ("Dredging Int'l"), a subsidiary of Dredging, Environmental and Marine Engineering NV,is part of the Bonny Channel Management Limited consortium, along with Vinci, IPEM and Dapesa Limited. The consortium entered into a joint venture agreement with the Nigerian Ports Authority to create The Bonny Channel Company, which would create and maintain safe passage for marine users to and in Bonny Island and other ports.
Dredging Int'l had given control of the finances of the project to Driancourt & Cie and its director, Alain Driancourt. Mr. Driancourt allegedly created three offshore companies regularly funded by Dredging Int'l. After the Nigerian Ports Authority refused to pay Dredging Int'l USD 43 million in 2007 for completed work, the company allegedly paid USD 2.7 million in improper payments to three former officials at the Nigerian Ports Authority (Managing Director, Managing Director of Eastern Ports, and Executive Director of Finance), as well as to a former executive assistant to President Goodluck Jonathan's special adviser on technical matters. Over the next five years, approximately USD 18 million allegedly was given to nine companies with ties to other Nigerian officials.
Approximate Alleged Payments to Foreign Officials: More than USD 20.7 million
Business Advantage Allegedly Obtained: Unspecified
Agencies: Switzerland: Unspecified
Results: Criminal Fine, Disgorgement
Year Resolved: 2017
Compliance Monitor:
Ongoing: No
Details:
On 17 May 2017, Dredging International Services (Cyrpus) Ltd was indicted and sentenced to a fine of CHF 1 million and disgorgement of CHF 36 million of profit.
Details:
Credit Suisse alerted authorities to the wire transfers made to the companies.
Country: Switzerland