Eni vs Corporate Governance

What is this? The Italian oil giant Eni doesn't observe and fulfill the "Best Practices"of Corporate Governance? Much less respects Eni's Code of Ethics? 

Evidently not! You just have to analyze my case!

Another risk to Eni's business!

Besides the risk of losing the operation OPL245, with estimated reserves of 9 billion barrels, the Nigerian government wants to demand from the Italian oil giant Eni an indemnity of 2 billion dollars. 

All of this could be devastating both to the company's cashier and Shareholders... Time will tell!

Note: Read more in this LINK. 

How is it possible?

How is it possible that a company accused of bribe payments and with its current and former CEO indicted by the Public Ministry for "international corruption" be part of the Standards Ethics and be at the top of the ranking? 

This is Eni's Way!

Who lives will see!

Tomorrow, a report on Italian television (Rai TV) will bring new bombastic revelations about OPL245, involving the billionaire bribe payment by the Italian oil giant Eni. 

Who lives will see!

Note: Read more about this report.

Journalists Kidnapped vs Freedom of Expression

The congolese security service arrested two Italian journalists who were investigating the billionaire bribe payment by the oil giant Eni (OPL 245 case). 

When realeasing them, four days later, they took from them their cell phones and computers and, mainly, the interview with an Italian businessman - married to the daughter of the President of the Republic of Congo - who, according to a former executive of Eni (Mr. Vincenzo Armanna) - would have borrowed an airplane to take 50 millions of dollars to Switzerland, money that belonged to Eni's former number one, Mr. Paolo Scaroni who was denounced for the crime of "international corruption" by the Public Ministry of Italy along with the current CEO of the company, Mr. Claudio Descalzi.

Who would be interested in restricting the freedom of expression of these two professionals?

Note: Read more about this news by Report - Rai3. 

Gives to the Stakeholders a "pernacchia"

The Italian government, as the largest shareholder of the oil giant Eni, has just approved the indication of the current CEO for three more years in charge of the main company in Italy. 

This decision, besides not caring about the situation of this executive before Justice for the accusation of "international corruption", legalizes the payment of bribes by their agents and gives to the Stakeholders a "pernacchia", saying to the market that it is preferred the results achieved to the company rather than conducting the business with Ethics and Integrity. Time will tell if the choice of this CEO was right!

It is no wonder that in my country Italy is known as the Brazil of Europe.

Note: Read more about the indication at Formiche.

Another bad news in Nigeria!

Another bad news involving the Italian giant oil Eni. Now, unpaid wages in Nigeria.

This is Eni's Way... Eni is an Unethical Company!


Note: Read full article

Eni needs to do the right thing...

The Italian giant oil Eni needs to do the right thing to find again the way of business ethics and integrity of conduct of its employees.

Eni vs Claudio Descalzi: Make your bets!

For you, what is more valuable? A CEO who achieves "good results" for the company or who has an unassailable character because they are a professional with "ethical integrity of conduct"?

What is the future of the CEO of the Italian oil giant Eni? Make your bets!

Note: Read the article (Economist)

Eni continues to deny your crime...

The Italian Criminal Attorney's Office, after following the money trail for more than two years, discovered that the millionaire bribe paid by the Italian oil giant Eni (and Shell), to a convicted criminal for the acquisition of OPL 245 (Nigeria), was carried out through two bank deposits of U$ 400 million at J.P. Morgan in London.

Even with overwhelming evidence, Eni continues to deny the crime of "international corruption" and the Board of the company, pretends that nothing happens, supporting the attitudes of the CEO and his executives.

Time will tell...

Note: Read more at The Guardian. 

OPL 245: New Evidence!

Nigeria has filed new evidence against the Italian oil giant Eni in the case involving a billionaire bribe payment to acquire OPL 245. 

Now, it will become even more difficult for the company to continue to deny the illicit and illegal acts of the current CEO (Mr. Claudio Descalzi) and his predecessor (Mr. Paolo Scaroni).

What does the Board have to say? 

What will the attitude of the Italian government, who is Eni's biggest shareholder, be? 

Note: Read more at Reuters.  

Eni's Investors & Shareholders

Investors and Shareholders don't care whether the company is unethical and unescrupulous... They only worry about dividends and profit... See the example of the Italian oil giant Eni!

Will this regrettable reality change one day?

Note: Read the article of the journalist Mr. Andrea Greco (La Repubblica Journal). 

Eni = ISO.37.001 x International Corruption

Today’s headline is inspired by two recent notices; the first is from a January 25 ENI Press Release crowing that “Eni is the first Italian company to receive that certification”. The second came from an article in the Financial Times (FT) entitled “Eni chief Claudio Descalzi charged with international corruption” by James Politi, where he began his piece with the opening, “Claudio Descalzi, chief executive of Eni, has suffered a setback after Italian prosecutors charged him with international corruption following a lengthy investigation into the Italian energy group’s 2011 purchase of a Nigerian exploration licence. Mr Descalzi was asked to stand trial along with Paolo Scaroni, the former chief executive of Eni, as well as nine other individuals who were involved in the $1.3bn transaction, according to Fabio De Pasquale, the lead prosecutor on the case.”

The international corruption, also involving Royal Dutch Shell, involved questions regarding “an offshore exploration bloc called OPL 245, which is estimated to contain up to 9bn barrels of oil and is considered one of Nigeria’s most highly-prized energy prospects.” It was further noted that “The main accusation is that Eni and Shell knew the money paid to the government for OPL 245 would then be funnelled to other Nigerian individuals, essentially as bribes.” In what can only be said is a non-denial denial, both “Eni and Shell have said that they simply transferred money to the Nigerian government, without making any arrangements with third parties or the ultimate beneficiaries.”

The problem I see with one headline is that it brings up the uselessness of the ISO certification process. One might reasonably ask how a company could receive a certification for its “AntiBribery Management Systems” when both its current and former chief executives are under indictment for ‘international corruption’? The ISO certification issue is separate and stands apart from the ISO 37001 standards themselves. When I sat down to read the more than 100 pages of what might constitute good compliance practices, I, for the most part, did not have too many disagreements with the articulation. However, in the global world of anti-bribery/anti-corruption enforcement there were multiple standards for an effective compliance program, including, but not limited to the Ten Hallmarks of an Effective Compliance Program, Six Principles of Adequate Procedures, the OECD 13 Good Practices and multiple others. Indeed, I published an entire book some 2 1/2 years ago to laying out what constitutes an effective compliance program. So while it is mildly interesting from an intellectual perspective, the reality is that it is not anything new, different or innovative.

Yet the title of this blog post makes clear that any ISO 37001 certification is much worse, for it can lead an unsuspecting person to conclude that because a company has the ISO 37001 certification, it is actually doing compliance. From the ENI Press Release it stated, “quality of the system of rules and controls aimed at preventing corruption”. If that does not sound like a paper compliance program I do not know what does. I should also note the same Press Release goes on to state that since 2009, Eni has enshrined the principle of “zero tolerance” as “expressed in its Code of Ethics.” I wonder if either the current or former ENI chief executive under indictment read or even knew about this robust ENI Code of Ethics. Interestingly, the Press Release also stated that Stage 2 of the ISO 37001 certification process involved “interviews with people on the ground” to assure compliance with the program. It is safe to assume these interviews did not include the current or former ENI chief executive.

What is a counter-party to ENI to conclude about the robustness of its anti-corruption compliance program? How about any other company which has an ISO 37001 certification? This is where the worse than useless part comes into play. People might actually think that this certification affirms the company which holds it is committed to doing compliance and will continue to do so going forward. The counter-party who does business with such an ISO 37001 certificate holder may well assume this certification forms some basis of protection against a Foreign Corrupt Practices Act (FCPA), UK Bribery Act or (you name the law) investigation for bribery and corruption. Nothing could be further from the truth.

The Department of Justice (DOJ), Securities and Exchange Commission (SEC) and Serious Fraud Office (SFO) continually make abundantly clear that a company is responsible for its counter-parties not violating applicable anti-corruption laws. Put another way, a third-party, with an ISO 37001 certification who violates the FCPA, UK Bribery Act or any other similar law puts your company at just as much risk as a third-party with no ISO 37001 certification. Putting it as simply as I can, an ISO 37001 certification from a counter-party is of less than zero worth to your company, your compliance program or indeed any defense against a FCPA enforcement action.

What about a company which thinks it needs an ISO 37001 certification? This is equally problematic but for different reasons. The DOJ and SEC jointly issued FCPA Guidance made clear that an effective compliance program is based upon a company assessing its own risks and then setting up a program to manage those risks going forward through training, incentives and discipline and ongoing monitoring. The Ten Hallmarks were designed to be flexible to allow each company to assess and then manage its risks. Moreover, this flexibility allows a Chief Compliance Officer (CCO) or compliance practitioner to put forward clear evidence of compliance with this approach if the government comes knocking in a FCPA investigation. The evidence from the Pilot Program is that the DOJ is taking this approach into account and has doled out multiple declinations and Non-Prosecution Agreements (NPAs) since its inception in April 2016.

So which headline is right: that ENI received an ISO 37001 certification or that the chief executive of ENI will stand trial for corruption? Unfortunately, they are both right and that simple answer communicates to every CCO and compliance practitioner across the globe that the ISO 37001 certification process is worse than useless. This is both for the company assessing the effect of such a certification from a potential third-party and a company considering whether it should obtain the certification to prove it is actually doing compliance.

This publication contains general information only and is based on the experiences and research of the author. The author is not, by means of this publication, rendering business, legal advice, or other professional advice or services. This publication is not a substitute for such legal advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified legal advisor. The author, his affiliates, and related entities shall not be responsible for any loss sustained by any person or entity that relies on this publication. The Author gives his permission to link, post, distribute, or reference this article for any lawful purpose, provided attribution is made to the author. 

by © Thomas R. Fox, 2017 - The author can be reached at tfox@tfoxlaw.com.

He is just another victim...

Actually, Mr. Claudio Descalzi, CEO of the Italian oil giant Eni, is just another "victim" of an Unscrupulous and Unethical Company... Just like me!


Get to know more:

a) OPL 245 Case (Nigeria)  

b) My 15 years fight story against Eni

New Complaint against Eni Americas

For the second time, the Brazilian Business Ethics Institute received an "anonymous complaint" involving Eni Americas: executives misconduct, corruption international and nonconformities with the Code of Ethics of the company. Unlike the first complaint, whose letter was sent from the United States, now the complaint was sent from Italy, headquarters of the Italian oil giant.

Can you tell me the reasons why an employee might not use Eni's "internal channels" preferring to report me: a "whistleblower" who fights for over 15 years to rescue and restore the name, the honor and the reputation that was unfairly depreciated by the denounced company itself?

Now I will send this complaint to US DOJ and SEC for the investigations against Eni.

Note:

a) Read a first complaint in PDF

b) Read the second report in PDF

Bisignani: The Bomb Man!

Sentenced in the "Clean Hands Operation" (Mani Pulite) and "mediator" of the payment of the billionaire bribe made by the Italian oil giant in the case know as "OPL 245" in Nigeria, Mr. Luigi Bisignani becomes a "delator" and one of the "main witnesses" of the Milan Public Prosecutor's Office who indicted the current CEO of Eni, Mr. Claudio Descalzi, and his predecessor, Mr. Paolo Scaroni, for "international corruption". 

Note:

a) RAI TV presents a video with "telephone interceptions" (Italian Language) 

b) Official position of the FCRE - Eni's Critical Shareholder (Italian Language)

  

Eni's CEO is the "victim" of a Unethical Company...

Only time will tell whether the Board of Eni did the right thing by supporting the CEO of the company - Mr. Claudio Descalzi - accused of "international corruption" in the OPL 245 Case, in Nigeria.

For me, Eni's CEO is the "victim" of a Unethical Company... same as me!

Read more about this subject.

And now Eni's Board of Directors?

The current CEO of the Italian oil giant, Mr. Claudio Descalzi, and his predecessor, Mr. Paolo Scaroni, were formally indicted by the Italian Prossecutor's Office and are expected to become defendants for "international corruption" in the billionaire bribe payment in the "OPL 245 Case", in Nigeria.

What does the Board of Directors have to say? Or will it become silent and pretend that nothing happened, just like my case?

Read more about this subject:

a) News in English;

b) News in the Italian language

ISO 37.001?

How is it possible that the Italian oil giant Eni receives the ISO 37.001?

Eni is a corrupted and unethical company... This is Eni's Way!

Read more at:

a) Payment of bribery of billions of dollars in OPL Case 245 - Nigeria;

b) Complaint of the Italian Public Ministry that incriminates the current CEO, Mr. Claudio Descalzi, and his predecessor, Mr. Paolo Scaroni, for "international corruption";

c) Nigeria’s anti-corruption law enforcement agency, the Economic Financial Crimes Commission (EFCC) has secured a court order in the Federal High Court of Abuja mandating the return of oil block OPL 245 to the Government.

Eni vs Zingales

In the middle of 2014, I was personally with one of the members of Board of Directors of the Italian oil giant Eni who wanted to know the details of my story. Two weeks later, Dr. Luigi Zingales, a professor of Economics at Chicago University, resigned.

Now, the truth about his exit has surfaced! He wanted to do the right thing respecting the Code of Ethics of the company. But he failed! So he preferred to resign so as not to tarnish his honorable reputation.

Dr. Zingales please tell the Italian papers about my case! Yes Eni killed a whistleblower!


Read more at:

“Scandali, Descalzi troppo morbido. E Zingales lasciò Eni"

"La consigliera scomoda emarginata senza prove"

"Quella segnalazione ignorata nel 2010"

What does Eni think about it?

My article published in the just released winter edition of the "Ethical Boardroom Magazine".

What does the Italian oil giant Eni think about it?

Please, access the article in PDF.

Good reading! And I would appreciate to know what you think about the subject.

Eni vs Italian Press

The main newspapers in the world are reporting the new scandal involving a millionaire bribe payment in Nigeria (OPL 245) made by the Italian oil giant Eni. 

The exception are the great Italian newspapers that keep quiet so they don't lose their advertising funds.

Of course... This is Eni's Way! 

Note: Read the news in the Washington Post 

The beginning of the end...

It has been reported in Nigeria that the country’s Economic Financial Crimes Commission (EFFC) has secured a court order mandating the return of oil block OPL 245, following an investigation into corruption allegations over how the deal was done. Shell and Eni paid $1.1 billion to a company secretly owned by a former Nigerian oil minister in 2011, depriving its people of badly needed funds.

The news shows exactly why a landmark transparency rule now under threat from Republican lawmakers in the US is so important. The Cardin-Lugar anti-corruption provision requires companies to disclose what they pay foreign governments for natural resources. After long delays in finalizing the rule due to oil industry opposition, the final rule was issued in June 2016. Had it been in place in 2011, this crooked deal would never have gone through.The rule is now under threat as Republicans plan to introduce a resolution to void this important provision

“This is historic. Generations of Nigerians have been robbed of life-saving services while oil men have grown rich at their expense. With US Republicans supporting the corrupt by slashing landmark laws and appointing an oil executive as their most important diplomat, it is inspiring to see Nigeria fight back.  Now that Shell and Eni are finally facing consequences, companies and their investors must understand they can no longer do backdoor deals with corrupt officials without paying a hefty price”, said Simon Taylor of Global Witness.

Nick Hildyard of The Corner House said, “We applaud the Nigerian Government for fighting back against corruption without fear or favour. Authorities in the US, UK, Italy and the Netherlands need to continue to do their bit in holding all parties responsible to account".

Antonio Tricario of Re:Common said, “As the largest shareholder in Eni, the Italian Government has a responsibility to intervene. It must take action over Eni’s mismanagement and alleged corruption”.

For me, this is the beginning of the end of the Italian oil giant Eni... Time will tell!

Note: News by Global Witness.

A Coward Company

Eni's Board pretends nothing happens in the case involving the 15 years story fight of a whistleblower against the Italian oil giant.

Observation: Get to know is this LINK my story.against Eni. 

Do you know how a company silences and intimidates the press?

Do you know how a company silences and intimidates the press? It invests millions of dollars in newspapers that not report illicit and unethical acts... And cut advertising money of those newspapers that dare to report unlawfulness, even if it is the case of a millionaire bribe payment made by the CEO of the company that is also the target of a lawsuit for "international corruption" (OPL 245).

This is Eni's Way!

What is the purpose of the IIA Global's Code of Ethics?

After filling a complaint against Mr. Marco Petracchini (Senior Vice President of Internal Audit in the Italian oil giant Eni and member of the IIA Italy Executive Committee) with more than 50 corroborative documents, and take notice of the filing of this complaint by the IIA Global Ethics Committee, it is clear that this institution "defends"and "protects" its "associates" around the world. And there is more! The IIA Global's Code of Ethics serve no purpose nor can it be used as "toilet paper", just like Eni’s Code of Ethics.

Get to know this COMPLAINT and draw your own conclusions. 

This is Eni's Way!

What happens when companies are publicly recognized as destroyers of the environment?

It's simple! The companies invest millions of dollars in marketing!

The Italian oil giant Eni is the "Queen of Marketing"... This is Eni's Way!

How is it possible?

How is it possible that the Italian oil giant Eni - a corrupted and unethical company - receives an award as a sustainable company?

Eni is a "Queen of Marketing"!

"Modus Operandi" by Eni

Italian newspaper reveals "Modus Operandi" (method of operation) of Italian oil giant Eni. 

The newspaper report is based on the complaint of the Italian Public Ministry that incriminates the current CEO, Mr. Claudio Descalzi, and his predecessor, Mr. Paolo Scaroni, for "international corruption" in the case known as "OPL 245" that involves the payment of a billionaire bribery in Nigeria.

Read more at Il Fatto Quotidiano.

Eni acuses of kidnapping!

The Italian oil giant Eni involved in one more scandal. Mr. Mukhta Ablyazov, a banker and politic from Kazakhstan, acuses the Italian government, the Ministry of Foreign Affairs and Eni for being responsible for the "kidnapping" of his wife anddaughter.

Mr. PaoloMondani, a renowned Italian journalist, interviewed Mr. Ablyazov at RAI TV.

Read this interview in English or watch the video in Italian.

I'm making my life living!

For you, is the "whistleblower" a hero, a villain or simply a fool? Watch this video and make up your mind! For me, doing the right thing... Acting ethically and with integrity... Makes our life worth living!

"I tell my story not because it is unique but because it is not"!

Observation: Get to know is this LINK my 15 years fight story agains the Italian giant oil Eni.