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    ENI   IT0003132476

ENI S.P.A.

(ENI)
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Law firm seeks criminal case against Shell and its CEO over Nigeria deal

12/05/2017 | 11:52am EDT
Ben van Beurden, CEO of Royal Dutch Shell, speaks during a news conference in Rio de Janeiro

LONDON (Reuters) - A Dutch law firm has asked the public prosecutor in the Netherlands to file a case against Royal Dutch Shell, its CEO and former executives of over what it says were criminal actions relating to a 2011 oilfield purchase in Nigeria.

The Dutch authorities are already investigating the oilfield deal, alongside Italian prosecutors, who want to take Shell and Italy's Eni to trial over alleged corruption on the same oilfield.

Shell and Eni have denied any wrongdoing. Shell said on Tuesday it did not believe there was any basis to prosecute the company or any current or former employee.

Prakken d'Oliveira, a law firm specialising in human rights cases, filed its request in September on behalf of Global Witness and other clients, asking the prosecutor to charge the Shell, as well as its Chief Executive Officer Ben van Beurden, former CEO Peter Voser and former Chief Financial Officer Simon Henry.

Voser and Henry could not immediately be reached for comment.

Barbara van Straaten, a lawyer at Prakken d'Oliveira, said the request would push the Dutch prosecutor's office to say if they intended to move forward with criminal charges.

Campaign group Global Witness has published several reports on the 2011 deal in which Shell and Eni secured the oil prospecting licence (OPL) 245. At the time, Nigeria's oil minister was Dan Etete.

Global Witness and others say much of the $1.3 billion (£1 billion) in payments for the block did not go to the state but instead went to Etete, who has since been convicted of money laundering, and to Malabu Oil and Gas, a firm that previously held the rights.

Shell said earlier this year it knew the Nigerian government would compensate Malabu using some of the money, but said the transaction was fully legal.

An Italian judge is expected to decide on Dec. 20 whether to try Eni and Shell for alleged corruption in the deal.

Milan prosecutors have asked for the two firms, as well as some past and present managers from the companies, including current Eni CEO Claudio Descalzi, to be indicted.

A Dutch anti-fraud team raided Shell's headquarters in The Hague in 2016 as part of its investigation.

(Reporting by Libby George; Additional reporting by Ron Bousso; Editing by Edmund Blair)

By Libby George


© Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
ABB LTD 0.63% 30.29 Delayed Quote.22.58%
ENI S.P.A. -0.46% 12.078 Delayed Quote.41.30%
JUST GROUP PLC 1.15% 92.6 Delayed Quote.32.48%
TEAM, INC. -1.03% 2.87 Delayed Quote.-73.67%
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Financials
Sales 2021 70 666 M 82 277 M 82 277 M
Net income 2021 3 242 M 3 774 M 3 774 M
Net Debt 2021 17 000 M 19 793 M 19 793 M
P/E ratio 2021 12,8x
Yield 2021 7,10%
Capitalization 42 984 M 49 999 M 50 046 M
EV / Sales 2021 0,85x
EV / Sales 2022 0,77x
Nbr of Employees 31 436
Free-Float 67,8%
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Number of Analysts 26
Last Close Price 12,08 €
Average target price 13,38 €
Spread / Average Target 10,8%
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Managers and Directors
Claudio Descalzi Chief Executive Officer, Director & GM
Francesco Gattei Chief Financial Officer
Lucia Calvosa Chairman
Francesca Zarri Director-Technology, Digital, R&D
Giuseppe Ricci Chief Operating Officer-Energy Evolution
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