Malabu scandal: ENI reacts to Milan court verdict

By Abankula

Italian oil giant ENI reacted Wednesday night to the judgement of the Milan court In relation to the Nigeria-OPL 245 trial, also known as Malabu oil scandal.

In a short statement, Eni said it welcomed the judgment of full acquittal of all charges.

It said there was no case in the first instance.

“After almost three years of trial, the judgment by the Court has finally established that the company, the CEO Claudio Descalzi and the management involved in the proceedings have all behaved in a lawful and correct manner.

“Eni has throughout maintained its full confidence in the Court’s fair and balanced investigation.

“Today, Eni expresses its gratitude for the trust placed by its stakeholders throughout the course of the trial, particularly in upholding the company’s management and the conduct of its business, and respecting its reputation”, the statement concluded.

Apart from ENI and its officials the Milan court also acquitted Royal Dutch Shell.

The verdict, read out in court by judge Marco Tremolada, comes more than three years after the trial first began and after a total of 74 hearings.

He said the companies and defendants had been acquitted because there was no case to answer.

The long-running case centres on the purchase of the OPL 245 offshore oilfield in Nigeria in 2011 from Malabu Oil and Gas, a company owned by former Nigerian oil minister Dan Etete.

Prosecutors alleged that about $1.1 billion of the purchase price was siphoned off to politicians and middlemen, including Etete.

Prosecutors had called for Eni and Shell to be fined and for a number of past and present managers from both companies, including Descalzi, to be jailed.

The defendants all denied any wrongdoing.