SEC drops inquiry into Shell-Eni OPL 245 deal, companies say
Apr 24th, 2020
by John Donovan.
- Royal Dutch Shell (RDS.A +0.9%) and Eni (E -0.8%) say the U.S. Securities and Exchange Commission has dropped its inquiry into their 2011 acquisition of the OPL 245 oil block offshore Nigeria.
- The two companies are still on trial in Italy over allegations they bought OPL 245 knowing most of the $1.3B price would go to agents and middlemen in bribes.
- Separately, Eni says CEO Claudio Descalzi and all senior managers will defer the collection of half of their 2020 long-term incentive plans until 2021, part of the company’s measures to reduce investment and operating costs.
- For Descalzi, the deferral is equivalent to €735K, 15% of his total remuneration or 46% of his fixed remuneration.
- Also, an agreement between Eni, Spanish gas firm Naturgy Energy and the Egyptian government to resolve a series of disputes over a shuttered gas plant in northern Egypt reportedly has fallen through.
- The deal had been due to end Naturgy’s business interests in Egypt and dissolve a joint venture between Naturgy and Eni, while Eni and some Egyptian firms would have increased their holdings in the Damietta plant. SOURCE
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Posted in: Africa, Bribery, Business Ethics, Business Principles, Corruption, Eni, Litigation, Malabu Oil Deal, Nigeria, Oil, OPL 245, Royal Dutch Shell Plc, Shell.
Tagged: Litigation · Nigeria · Oil · Royal Dutch Shell Plc · Shell
A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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