Addax Petroleum CEO arrested in Switzerland

— Swiss prosecutor’s office has arrested Zhang Yi, chief executive officer of Addax Petroleum, and charged him with suspected bribery of foreign officials.
A lawyer for Addax confirmed to Reuters that the investigation was linked to activity in Nigeria, but would not comment further.

On Saturday, the management of Addax Petroleum Nigeria Ltd. admitted that Geneva prosecutors were conducting a criminal investigation into allegations focusing primarily on the company’s business in Nigeria.

Michael Owhoko, the company’s communications officer, confirmed the development in a statement in Lagos.

Owhoko said Addax 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,” he said.

The News Agency of Nigeria reports that the chief executive officer and legal director of Addax Petroleum, Geneva have both been arrested in Geneva and charged with suspected bribery of foreign officials.

The spokesman for Canton’s Prosecutor had told Reuters on Friday, March 24, 2017 that a criminal procedure has also been opened against the company, bought by China’s state-owned Sinopec, Asia’s largest oil refiner in 2009, prosecutor’s spokesman, Henri della Casa, said.

Della Casa said: “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.”