The next focusIR Investor Webinar takes place tomorrow with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRDSA.L Share News (RDSA)

  • There is currently no data for RDSA

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 3-Nigeria case against JP Morgan over OPL 245 oil deal to go to trial

Thu, 12th Nov 2020 14:36

(Adds detail)

By Julia Payne

LONDON, Nov 12 (Reuters) - A lawsuit launched by the
Nigerian government against U.S. bank JP Morgan Chase, claiming
over $1.7 billion for its role in a disputed 2011 oilfield
deal, will proceed to trial, London's high court ruled on
Thursday.

The suit filed in the English courts in 2017 relates to the
purchase of the offshore OPL 245 oilfield in Nigeria by oil
majors Royal Dutch Shell and Eni in 2011,
which is the subject of an ongoing trial in Milan.

The six-week London trial will start on the first available
date after Nov. 1 next year, meaning that proceedings may not
begin until 2022.

JP Morgan declined to comment.

Central to the case is a $1.3 billion payment from Shell and
Eni to secure the block that was deposited into a Nigerian
government escrow account managed by JP Morgan.

As part of the proceedings, JP Morgan will also have to
disclose within 21 days which individuals at the bank made the
final decision to transfer the funds in question.

"Nigeria is pleased that JP Morgan has agreed it will now
confirm all the senior figures at the bank who were involved," a
spokesman for the Nigerian government on this case said.

"This claim will move forward and Nigeria will hold JP
Morgan accountable for its central role in the OPL 245 fraud."

In the claim, Nigeria alleges JP Morgan was negligent in its
decision to transfer the funds in escrow to a company controlled
by the country's former oil minister Dan Etete instead of
government coffers.

The damages sought include the monies allegedly sent to
Etete, around $875 million paid out in three instalments, plus
interest taking the total to $1.7 billion.

The decision is also likely to compel the bank to disclose
details of its internal processes. JP Morgan sought to quash the
case last year.

The Milan trial began in 2018. In July 2020, Italian
prosecutors asked a Milan court for Eni and Shell to be fined
and some of their present and former executives, including Eni
CEO Claudio Descalzi, to be jailed.

They further requested Eni and Shell to be fined 900,000
euros ($1.06 million) each and sought to confiscate a total of
$1.092 billion from all the defendants in the case, the
equivalent of the bribes alleged to have been paid.

Shell and Eni and the managers accused in the Milan court
case, including Eni CEO Claudio Descalzi, have all denied any
wrongdoing.

Final defence arguments from lawyers representing Shell, Eni
and its executives are being made to the court. The next hearing
is scheduled for Nov. 25.

A full timeline of the legal cases surrounding the oilfield
deal can be found here:
($1 = 0.8481 euros)

(Reporting by Julia Payne; editing by Barbara Lewis)

More News
10 Dec 2021 12:17

LONDON MARKET MIDDAY: Stocks lower ahead of key US inflation report

LONDON MARKET MIDDAY: Stocks lower ahead of key US inflation report

Read more
10 Dec 2021 10:41

Shell shareholders vote for move to Britain -preliminary results

AMSTERDAM, Dec 10 (Reuters) - In a preliminary result, Royal Dutch Shell shareholders on Friday voted in favour of a plan to move the company's headquarters and its tax home to Britain.Chairman Andrew Mackenzie announced the preliminary results, ...

Read more
10 Dec 2021 10:17

Siccar Point CEO says Cambo oilfield project paused after Shell exit

LONDON, Dec 10 (Reuters) - Siccar Point CEO Jonathan Roger said on Friday that Royal Dutch Shell's decision last week not to progress the Cambo oilfield project in the British North Sea means the development will have to be paused.Siccar, which ow...

Read more
10 Dec 2021 10:08

UPDATE 1-Royal Dutch Shell shareholders expected to approve move to London

* If approved, Shell's move expected in early 2022* British tax base seen making buybacks, dividends easier* Dutch withholding tax a factor in Shell's decision* Shell says move will not affect its environmental policy (Updates with colour from meeti...

Read more
10 Dec 2021 00:25

UPDATE 2-Royal Dutch Shell shareholders back plan to shift to London

* British tax base seen making buybacks, dividends easier* Dutch withholding tax a factor in Shell's decision* Shell says move will not affect its environmental policy (Recasts with shareholder vote)By Toby Sterling and Ron BoussoROTTERDAM/LONDON, D...

Read more
9 Dec 2021 13:37

S.Africa energy minister defends Shell's planned seismic blasting on Wild Coast

* S.Africans protest against oil search in pristine stretch* Area home to whales, penguins, dolphins, seals* Objectors want Africa to stay poor, Gwede Mantashe saysBy Tim CocksJOHANNESBURG, Dec 9 (Reuters) - South Africa's energy minister defended o...

Read more
9 Dec 2021 10:10

UPDATE 2-European shares fall again on Omicron worries

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* Deutsche Bank skids after DoJ violation report* Defensive sectors cap losses* Investors eye U.S. CPI data due Friday (Updates to close)By ...

Read more
6 Dec 2021 16:58

LONDON MARKET CLOSE: Airlines lift off as Omicron fears ease

LONDON MARKET CLOSE: Airlines lift off as Omicron fears ease

Read more
6 Dec 2021 12:16

LONDON MARKET MIDDAY: Stocks rise as Fauci helps soothe Omicron fear

LONDON MARKET MIDDAY: Stocks rise as Fauci helps soothe Omicron fear

Read more
6 Dec 2021 12:13

UPDATE 4-BP says Brent benchmark reform should include U.S. oil, dump Brent

(Adds background)By Julia PayneLONDON, Dec 6 (Reuters) - BP supports the addition of U.S. oil crude grade WTI Midland to global dated Brent, suggesting the removal in the medium-term of Brent and Forties grades from the benchmark as flows have eva...

Read more
5 Dec 2021 13:57

S.Africans protest against Shell oil exploration in pristine coastal area

By Siyabonga SishiPORT EDWARD, South Africa, Dec 5 (Reuters) - South Africans took to their beaches on Sunday to protest against plans by Royal Dutch Shell to do seimsic oil exploration they say will threaten marine wildlife such as whales, dolphi...

Read more
3 Dec 2021 16:05

UK shareholder meetings calendar - next 7 days

UK shareholder meetings calendar - next 7 days

Read more
3 Dec 2021 14:31

Nigeria's Bonga oil export terminal in maintenance until next week - Shell

LONDON, Dec 3 (Reuters) - Nigeria's Bonga crude oil export terminal is undergoing planned maintenance until next week, operator Shell said on Friday.Bonga is typically one of the larger export streams from Africa's largest oil producer. It was sch...

Read more
3 Dec 2021 12:06

LONDON MARKET MIDDAY: Jitters turn from Omicron to US nonfarm payrolls

LONDON MARKET MIDDAY: Jitters turn from Omicron to US nonfarm payrolls

Read more
3 Dec 2021 10:19

Shell wins court case to start seismic surveys offshore South Africa

CAPE TOWN, Dec 3 (Reuters) - A South African high court on Friday struck down an urgent application brought by environmentalists to stop oil major Royal Dutch Shell starting seismic surveys to explore for petroleum systems off the eastern seaboar...

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.