AfDB concludes Snamprogetti agreement, fines company $5.7m
The African Development Bank (AfDB) has concluded a negotiated resolution agreement with oilfield services provider Snamprogetti Netherlands following the company’s acceptance of a corrupt practices charge against its affiliated companies relating to an AfDB-financed liquefied natural gas production plants project in Nigeria.
As part of the agreement AfDB’s integrity and anticorruption department (IACD) levied a financial penalty of $5.7-million against Snamprogetti.
These funds would be used in the AfDB’s projects aimed at preventing and combating corruption in African countries.
Including the funds to be received from Snamprogetti, the AfDB had, to date, collected $22.7-million in fines relating to the specific project that ran from 1995 to 2004.
“Only about $200-million in monetary sanctions imposed on companies found to have engaged in bribing foreign public officials have ever been returned to the affected region.
“By reinvesting the fines in programmes supporting our regional member countries’ efforts to improve the performance of anticorruption agencies, IACD contributes to redressing this situation in line with the AfDB’s strategic focus on good governance,” IACD director Anna Bossman said.
“The financial penalties totalling $22.7-million levied by IACD in relation to this case are among the highest ever imposed by any multinational development bank and send a credible signal that the AfDB will not tolerate corrupt practices in any of its projects,” she added.
In addition to the monetary sanction, the negotiated resolution agreement also predicted the debarment for a period of three years of three Portuguese entities affiliated to Snamprogetti, which played an active role in funnelling bribes to public officials.
The companies involved in the project made improper payments totalling $180-million. The AfDB had contributed $100-million in financing to the overall contract volume of $6-billion.
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