MILAN: The current and former chief executives of Italian oil giant Eni were ordered Wednesday to face trial on corruption charges for the alleged payment of bribes over the $1.1 billion sale of one of Africa’s richest oil blocks in Nigeria.
CEO Claudio Descalzi and his predecessor Paolo Scaroni are among 15 defendants who will face trial in Milan beginning March 5 in a case that mirrors a separate trial ongoing in Nigeria. Both Eni and Shell, a partner in the block, also face charges.
In statements after the charges were filed, both Eni and Shell denied wrongdoing.
“Eni’s Board of Directors has reaffirmed its confidence that the company was not involved in alleged corrupt activities in relation to the transaction,” the company said.
It added that independent advisers had investigated the deal and found no culpability.
Shell said it was “disappointed by the outcome,” and said it believed that a trial will find “that there is no case against Shell or its former employees.”
Eni and Shell also are facing criminal charges in Nigeria, for the same deal, with Nigerian prosecutors alleging payment of millions to government officials and a businessman for the block’s license. Nigeria’s government got only $210 million from the deal.
Both companies deny wrongdoing.
Italy’s Eni CEO faces corruption trial for Nigerian deal
Italy’s Eni CEO faces corruption trial for Nigerian deal
Closing Bell: Saudi main index closes in red at 10,947
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25.
The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated.
The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71.
The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated.
The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34.
Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51.
On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39.
National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50.
On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co.
In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.
Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.
Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.
The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said.
The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.
