Addax Petroleum CEO arrested for bribery in Switzerland

Addax Petroleum

The management of Addax Petroleum Nigeria Ltd. on Saturday confirmed that Geneva Prosecutor’s Office in Switzerland was conducting a criminal investigation into allegations focusing primarily on the company’s business in Nigeria.

The company’s Communications Officer, Michael Owhoko, confirmed in a statement in Lagos that the Chief Executive Officer of its Geneva Office, Zhang Yi, and the legal director have both been arrested and charged with suspected bribery of foreign officials.

According to the statement, Addax Petroleum is taking the matter seriously and will be responding appropriately to the investigation.

“This matter is the subject of an ongoing investigation, we are unable to comment further at present,” it said.

The spokesman for Canton’s Prosecutor, Henri della Casa, had said on Friday that a criminal procedure had also been opened against the company — bought by China’s state-owned Sinopec, Asia’s largest oil refiner in 2009.

“I can confirm that the Geneva prosecutor has opened a criminal investigation into bribery of foreign officials and that the company, Addax and its director-general and legal director are the subject of it,” della Casa said.

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