Friday, December 30, 2016

Happy New Year!



In 2017, I hope that the Board of Eni will answer a question:

Why did the company kill a whistleblower? 

Get to know in this LINK the story of a whistleblower who’s been fighting for over 15 years against the Italian oil giant Eni.



Friday, December 23, 2016

Shame on Italy!



The Criminal Prosecutor's Office of Milan closed the investigation involving the Italian oil giant. The investigations indicate that the former CEO (Mr. Paolo Scaroni) and the current CEO (Mr. Claudio Descalzi) of Eni actively participated in acts of international corruption in the OPL 245 Case in Nigeria. 

Now the Italian Courts must transform these executives from investigated into defendants.


Read more in this LINK.



Thursday, December 15, 2016

My favorite "villain"!



Mr. Claudio Descalzi is trying to kill Eni's Whistleblower in Italy...

... But even so, the CEO of Italian oil giant Eni is my favorite "villain".


Tuesday, November 15, 2016

The Top Mentioners in Twitter



According to Chattering Starling, Eni's Way Blog is "THE TOP MENTIONERS" of the Italian oil giant Eni in Twitter.

See more at in this link


Thursday, November 10, 2016

Giustolisi Award 2016



In March 2016, my 15 year story fight against the oil giant was published in an investigative book written by two renowned journalists in Italy. This book that tells the illegalities and ilicitudes in the management of Eni during 25 years, soon became an Italian "best seller" and now, will receive an award to honor the magnitude and the credibility of this investigation.

"Eni: the Parallel State" won the "Franco Giustolisi Investigative Journalism Award" in the category "Justice and Truth".

Congratulations to the journalists Andrea Greco and Giuseppe Oddo.

Best Regards.

Douglas Linares Flinto
Chairman & CEO
Brazilian Business Ethics Institute


Saturday, October 29, 2016

Now it's the turn of Mr. Marco Petracchini




Now, IIA Global received a complaint about the "non compliance” practiced by the members of the Internal Auditing Department of the Italian giant Eni, including the Senior Executive Vice-President of Internal Audit (and member of the executive committee of the IIA Italy), Mr. Marco Petracchini, because when an internal auditor does't fulfill the International Standards for the Practice of Internal Auditing (Standards) of the IIA Global nor its the IIA's Code of Ethics and presents a "lying version" of the results of an internal auditing in a "Frivolous Lawsuit" and also to the global market through the media. This professional may be terminated by IIA Global's Ethics Committee being subject to sanctions and appropriate punishments. 

This report will be based on the letter requires the Board of Eni to carry out an "Independent Investigative Audit" on my case, sent to the President of Italy (by the Ambassador of Brazil in Rome) and the Prime Minister (by the Senator Italo-Brazilian Fausto Longo). 

Read the details of this report in this LINK.

Monday, October 24, 2016

Now is the turn of the Dr. Massimo Mantovani



After denouncing to the IIA Global the Senior Vice President - Internal Audit of Eni (Mr. Marco Petracchini) and their subordinated the Vice President - Spot & Fraud Audit and Whistleblowing (Ms. Francesca Cottone), now it's the time to denounce the Dr. Massimo Mantovani* (Chief Legal Officer of Eni) to the CNF – “Consiglio Nazionale Forense” (Italy) and to SRA - Solicitors Regulation Authority (SRA) in London for disrespecting the "Standards" and the Code of Ethics of the lawyers by keeping in the Italian Justice a "Frivolous Lawsuit" against me and the Brazilian Business Ethics Institute.

Read more about this complaint on this LINK.


Since October 17, 2016, Dr. Massimo Mantovani, was promoted to the function of  Chief Midstream Gas & Power Officer.

Tuesday, October 11, 2016

Eni is a "serial killer" of whistleblowers!



One more Whistleblower is killed by the Italian giant EniThis is what happens in this company: fulfilled the Eni's Code of Ethics and spoke the truth... You are fired in retaliation! 


Note: Read more about another whistleblower killed by this company: 

. Gianni Franzoni (Captain of one of the ships of Eni);  

. Douglas Flinto (Eni’s executive in Brazil).

Wednesday, October 05, 2016

Dr. Francesca Cottone: You will also be reported!



To 
Dr. Francesca Cottone
Vice President - Spot & Fraud Audit and Whistleblowing 
Internal Audit Department
Eni SpA


Subject:  "A complaint against the Internal Audit of Eni”



Since you are a part of the “Audit Department” of the Italian giant Eni as well as the Vice President of “Spot & Fraud Audit and Whistleblowing” and, therefore, the executive responsible for investigating the complaints received by the Stakeholders of your company regarding the nonconformities to the words and spirit of Eni’s Code of Ethics, as wells as acts of corruption and fraud practiced by employees of Eni Group around the world, I inform you that you too will be reported to IIA Global.

This complaint will be made because the Internal Audit Department was responsible for the “untruthful version” involving my case – that completed 15 long years – and was presented at the “Frivolous Lawsuit” that your company keeps against me in the Italian Justice and is spoken in the media.

The same complaint will made to the BAR in Italy and EU by reason of a "Frivolous Lawsuit"!

I also inform you that the Embassy of my country in Rome and a Italian-Brazilian Senator delivered a letter to the President of the Republic of Italy, Mr. Sergio Mattarella, and to the Prime Minister, Matteo Renzi, respectively, to demand from the Board of Eni an “independent investigative audit” regarding my case to emerge the "real truth" of the facts and so I can, finally, rescue and restore my name, my honor and my reputation unfairly depreciated by your company (see the file of the mentioned letter).

Best Regards.

Douglas Linares Flinto
Chairman & CEO
Brazilian Business Ethics Institute
www.eticanosnegocios.org.br 

Friday, September 30, 2016

After the investors' pressure Eni says something else



Eni says board member Litvack innocent of charges; company will meet legal costs

Board has full confidence in governance expert’s “competence, integrity and innocence”

Eni has said it believes corporate governance expert Karina Litvack is innocent of charges brought against her by authorities in Syracuse, which led to Litvack’s suspension from one of the Italian oil and gas company’s board committees.

Litvack, the former Head of Governance and Sustainable Investment at F&C Asset Management who joined the board of Eni in 2014, was removed from the company’s board-level Control and Risk Committee earlier this year, though she remains on the board.

At Eni’s investor presentation on its sustainable energy strategy in Paris today, an unidentified investor asked the firm to give its views on “concerns about the governance of the board, and the respect of minority shareholders” following the removal of Litvack – who the investor described as “our elected representative on the board”.

As RI reported yesterday, corporate governance activists have raised concerns about the issue.

Eni Chairwoman Emma Marcegaglia took to the podium to give the company’s views on the situation, explaining that in July the board was notified of the judicial investigation which involved “alleged wrongdoing and offences against Eni and its CEO” by Litvack and others.


“As we always do in these situations, the board took legal advice,” she said adding that they were informed “that when there is a risk of prejudicial circumstances, the board could be liable for negligence if it doesn’t take action”.

In this situation, the board felt in a certain way that it had no alternative but to remove, temporarily, Karina from the risk and control committee,” Marcegaglia said, clarifying that Litvack remained a member of the compensation committee and the sustainability and strategic committee. “She is also still a full member of the board, and works a lot with us.”

“The board has full confidence in Karina’s competence, integrity and innocence,” Marcegaglia said. “And as soon as the charges are dropped, it’s my firm intention to propose to the board to re-nominate her in the risk and control committee.”

The chairwoman also told the audience that Eni was financing the legal costs of the process, which she believed would be covered by insurance, “but if there is any problem with that then the company will pay”.

Marcegaglia, who as president of business lobby group BusinessEurope, has in the past clashed with investors over climate disclosure. 

“We will work together in the spirit of the best mutual trust and collaboration,” Marcegaglia concluded today. “We consider her work very valuable.”

The red light is lit for the investors of Eni



Activist groups raise concerns over governance at Italian oil giant Eni ahead of ESG presentation

Concern grows over Karina Litvack’s removal from board committee

Leading activist groups have said the recent replacement of corporate governance expert Karina Litvack at Italian oil and gas giant Eni’s Control and Risk Committee was “worrying and troubling”, calling on investors to demand a “clear rationale” for her removal.

Litvack, the former Head of Governance and Sustainable Investment at F&C Asset Management, who joined the board of Eni in 2014, was removed from the company’s board-level Control and Risk Committee earlier this year, though she remains on the board.

The company cited “ongoing investigations related to alleged conspiracy against the company, reported by the press”. Earlier this month, the company appointed Diva Moriani, an executive with Milan-based industrial group Intek, to take Litvack’s place on the committee.

“Eni’s zeal in replacing Litvack is astonishing, considering that both the company’s CEOClaudio Descalzi and its chief development officer Roberto Casula are under investigation, since September 2014, in a case of alleged international corruption in Nigeria for the acquisition of the (Nigerian oil field) OPL 245 concession and for which an alleged bribe of as much as $1.1bn would have been paid”, said Mauro Meggiolaro ofFondazione Banca Etica, the group for Italian ethical banking.

Eni denies any illegal conduct in the matter and says it is cooperating with the Milan prosecutor’s office; it has said it is “confident that the correctness of its actions will emerge during the course of the investigation”. In May last year Eni said an audit by an independent US law firm into the OPL 245 case found no evidence of illegal conduct.

Meggiolaro noted that Eni’s chief upstream officer Antonio Vella had also been sent to trial for alleged bribery in Algeria on July 27. Eni said at the time that it “continues to deny any illegal conduct and is confident that this will be ascertained in court proceeding”.

Meggiolaro said: “Nobody in the company has been proposed to replace him. Eni’s behaviour in the Litvack case is even more worrying if we consider that so little is known about the investigation in which Litvack would be involved, while we know much more about the investigations on Descalzi and Casula and on the trial involving the chief upstream officer Vella.”

UK-based group ShareAction said investors will be troubled by the lack of information given on Litvack’s removal, “particularly in the context of investigations into senior executives at the company.”

Chief Executive Catherine Howarth said: “Ms Litvack was elected by shareholders, no doubt in part because of her own strong track record on corporate governance; her removal is clearly a concern, and investors should demand a clear rationale for this decision.”

Separately, Eni was this week removed from the Dow Jones Sustainability Indices (DJSI) following a yearly review process in which its score was deemed “not good enough” for staying in the indices, said a spokeswoman for RobecoSam, the Swiss company that develops and updates the indices. The Italian group has been removed from both the global and European indices, she confirmed, calling it a “normal deletion”.

RobecoSam said while companies could choose not to respond to the questionnaire which forms the basis of the indices, it could not choose to not be a part of the indices. In such cases, RobecoSam would analyse the company based on publicly available information.

Standard Ethics, a London-based independent sustainability ratings agency, said it was also in the process of reviewing Eni’s rating. Director Filippo Cecchi added: “We need to understand if they followed the procedures in line with the best practice in governance.”

According to reports in the Italian media earlier this summer, Litvack is one of Eni’s independent directors being investigated by the Public Prosecutor’s Office of Syracuse in Sicily for defamation of Descalzi. As previously stated, Responsible Investor is in contact with the Italian authorities and is currently attempting to substantiate these reports.

Litvack is a non-executive independent director nominated by a group of Italian and foreign institutional investors.

Massimo Menchini, director of corporate governance at Assogestioni – the Italian asset management industry body – said: “The corporate governance of the Italian listed companies and the role of the independent minority directors are very important for both Assogestioni and the Italian Investment Managers Committee.”

“In line with the Italian Stewardship Code and the EFAMA [European Fund and Asset Management Association] Stewardship Code, the Italian and foreign institutional investors are monitoring the situation and its evolutions,” he added.

Eni declined to comment, directing queries to the “judicial authority”. Litvack herself also declined to comment.

Meanwhile, Eni is livestreaming an ESG presentation on sustainable energy from Paris tomorrow at which Descalzi and other senior managers will present the firm’s ‘Integrated Model’ to investors.

It comes as Eni has agreed on a series of renewable energy projects in North Africa. In Egypt, its first project will be a 50 MWp photovoltaic plant in Sinai “in line with Eni’s vision for a low-carbon future”. In Algeria it has reached a strategic agreement with state-owned Sonatrach; the first fruits of this will be a 10MW photovoltaic plant in the Bir Rebaa North (BRN) field.

Wednesday, September 28, 2016

A complaint against the Internal Audit of Eni



When an internal auditor does't fulfill the International Standards for the Professional Practice of Internal Auditing (Standards) of the IIA Global nor its the IIA's Code of Ethics and presents a lying version of the results of an internal auditing in a (frivolous) lawsuit and also to the global market through the media, this professional may be terminated by IIA Global's Ethics Committee being subject to sanctions and appropriate punishments.

The IIA Global will receive a complaint about the "non compliance” -  through the "Complaint of Alleged Violation of The IIA Code of Ethics Form" - practiced by the members of the Internal Auditing Department of the Italian giant Eni, including the Senior Executive Vice-President of Internal Audit, Mr. Marco Petracchini which also is a member of the Executive Committee of the IIA Italy.

Note: Read the summary about my 15 years fight story against the Italian giant oil Eni and the “liar version” spoken by Eni

Monday, September 26, 2016

Why Eni is not saying the truth on DJSI?



Two weeks ago, the Italian oil giant Eni has been removed from the Dow Jones Sustainability Index (DJSI), the most important equity ethical index in the world. We have reported the news on Valori a couple of days ago. On the Italian website Eticanews, Eni has specified that the company «hasn’t been removed from the index. Eni has intentionally decided not to be part of DJSI because it has chosen to actively participate in the indexes that are currently better representing the reality and problems of the oil & gas sector, such as FTSE4Good or CDP».

Can a company choose not to be part of an ethical index? We have asked this question directly to RobecoSAM, the Swiss company that develops and updates the Dow Jones Sustainability Index. «Eni has been deleted during the normal and annual review (every year in September) because its score wasn’t good enough for staying in the index», François Vetri, Head of Corporate Communications of RobecoSAM, has answered. «Companies can not choose to be out of the DJSI. Of course, they can choose not to participate in our Corporate Sustainability Assessment (i.e. not answering to RobecoSAM’s questionnaire, our note), however, in this case RobecoSAM analyses (and rates) the company based on publicly available information».

This means that Eni’s statement is not true. The company has been deleted from the Dow Jones Sustainability Index because – according to RobecoSAM’s environmental and social criteria – it isn’t among the best companies in its sector any more. The specific reasons for Eni’s removal aren’t publicly available. «Detailed results of our assessments are shared with companies only», adds Vetri. In the meanwhile, Eni prefers to hide its head in the sand. At least for now.

by Mauro Meggiolaro (Eni's Critical Shareholders)

Why Eni is not saying the truth on DJSI?



Two weeks ago, the Italian oil giant Eni has been removed from the Dow Jones Sustainability Index (DJSI), the most important equity ethical index in the world. We have reported the news on Valori a couple of days ago. On the Italian website Eticanews, Eni has specified that the company «hasn’t been removed from the index. Eni has intentionally decided not to be part of DJSI because it has chosen to actively participate in the indexes that are currently better representing the reality and problems of the oil & gas sector, such as FTSE4Good or CDP».

Can a company choose not to be part of an ethical index? We have asked this question directly to RobecoSAM, the Swiss company that develops and updates the Dow Jones Sustainability Index. «Eni has been deleted during the normal and annual review (every year in September) because its score wasn’t good enough for staying in the index», François Vetri, Head of Corporate Communications of RobecoSAM, has answered. «Companies can not choose to be out of the DJSI. Of course, they can choose not to participate in our Corporate Sustainability Assessment (i.e. not answering to RobecoSAM’s questionnaire, our note), however, in this case RobecoSAM analyses (and rates) the company based on publicly available information».

This means that Eni’s statement is not true. The company has been deleted from the Dow Jones Sustainability Index because – according to RobecoSAM’s environmental and social criteria – it isn’t among the best companies in its sector any more. The specific reasons for Eni’s removal aren’t publicly available. «Detailed results of our assessments are shared with companies only», adds Vetri. In the meanwhile, Eni prefers to hide its head in the sand. At least for now.
by Mauro Meggiolaro (Eni's Critical Shareholders)

Thursday, September 22, 2016

Eni depends of politicians to conduct their business



When a giant oil depends of politicians to conduct their business... And the investor? 

What the Board of Eni have to say?

Read the complete article (Eni delays $3 billion sale of retail arm over political turmoil - sources) in this LINK.


Wednesday, September 21, 2016

Tuesday, September 20, 2016

Bye Bye DJSI 2016



The Italian giant Eni excluded from Dow Jones Sustainability Index 2016... A long due decision.

by Mauro Meggiolaro (Eni's Critical Shareholder - FCRE Foundation - Italy)

See more at: Robeco SAM Presentation and news about exclusion of Eni




Sunday, September 11, 2016

When the corrupt protects the corrupter...




When the corrupt (the Nigerian government) protects the corrupter (the Italian giant Eni).

The United Kingdom is waiting for Nigeria to claim an $85million loot recovered from a former petroleum minister, Dan Etete, according to the Evening Standard of London.
The newspaper reported that federal government’s failure to send a proceeds-of-crime submission to the judge of a UK court is stalling the recovery of the money which is frozen in a NatWest bank account in London.
Federal government officials could not be reached last night for their reaction.
The situation has left the funds ‘frozen’ and the court case ‘languishing’, the newspaper said.
The $85m is believed to be part of the proceeds from the award of the licence of OPL 245 – an oilfield containing an estimated nine billion barrels of crude – made by Etete to Malabu Oil & Gas,  for $20 million, said to be  a tiny fraction of its real value.
The licence award sparked a multitude of legal suits between Shell and Malabu over the ownership of the field only for the federal government to sell the field to Eni and Shell. $1.09 billion of the money paid by the two companies later found its way to Malabu.
Shell and Eni claimed ignorance of who paid the $1.09 billion to Malabu.
The newspaper said investigators at Britain’s National Crime Agency who are trying to probe the alleged laundering of OPL 245 money through London banks and properties are frustrated by alleged inaction from Nigeria’s end.
“Last week, the two governments agreed criminal assets stolen in Nigeria and seized in Britain can be returned to the West African country, but such breakthroughs are rare,” it said.
“Buhari’s governing style is also a source of frustration. Critics say he is slow in his decision-making, which allows the EFCC to wallow in indecision.
“Buhari’s critics say his approach means that much-needed funds from corruption cases are not bringing in revenue for an ailing economy ravaged by low oil prices, and the oil blocks themselves are not being developed.”

The Malabu Oil deal is believed to have  led to the siphoning off of $1 billion from a $1.3 billion international investment in the lucrative oil block through ‘fees’ to Etete’s company and middlemen.
Justice Edis said: “Given the large sums of money involved that are effectively paid to a former minister to a bank account in the Middle East, the whole exercise is backed by murky instructions.”

Thursday, September 01, 2016

Tell me who you walk with and I'll tell you who you are!



PDVSA, partner of the Italian giant Eni, is being investigated for corruption... Tell me who you walk with and I'll tell you who you are!


 

How do multiple enforcement authorities from different countries hold one of the largest petroleum producers in the world accountable for years of institutionalized corruption? Press reports on investigations of Venezuela’s state-owned oil company, Petroleos de Venezuela S.A. (“PDVSA”), suggest several answers. Authorities go after the company’s former leaders who reside outside of Venezuela. They focus on money laundering as well as bribery offenses. They proceed against the banks that assisted those leaders. They focus on other individuals connected to the bribery schemes. And they cooperate with one another. The PDVSA investigations appear to be an extraordinary undertaking involving so far authorities from the United States, Andorra, Spain and Switzerland.
United States Efforts. According to the Wall Street Journal, the current U.S. Government investigations are aimed at establishing whether Venezuela’s leaders siphoned billions of dollars through PDVSA and at whether they also used PDVSA for “black-market currency schemes and laundering drug money.” In the United States, six individuals have already pleaded guilty.
  • On June 16, 2016, the owner of multiple U.S.-based businesses and resident of Texas, Roberto Enrique Rincon Fernandez (“Rincon”), pleaded guilty in federal court in Houston to one count of conspiracy to violate the FCPA, one count of violating the FCPA and one count of making false tax return statements.
  • On March 22, 2016, in connection with similar allegations, Abraham Jose Shiera Bastidas (“Shiera”), resident of Florida, pleaded guilty to one count of conspiracy to violate the FCPA and commit wire fraud and one count of violating the FCPA.
  • In January 2016, four individuals pleaded guilty in connection to bribery and money laundering investigations. This included three former officials of PDSVA (all residents of Texas) – Jose Luis Ramos Castillo (“Ramos”), Christian Javier Maldonado Barillas (“Maldonado”), Alfonzo Eliezer Gravina Munoz (“Gravina”), and Moises Abraham Millan Escobar (“Millan”), a former employee of Shiera. Ramos, Maldonado and Gravina pleaded guilty to conspiracy to commit money laundering and admitted receiving bribes from Shiera and Rincon for helping them win contracts with PDVSA and for conspiring to launder the proceeds of the bribery scheme. In addition, Gravina admitted making false statements on his 2010 tax return by omitting to report the bribery payments he received. All four defendants agreed to forfeit the proceeds from their criminal activities.
The U.S. government is also reportedly looking into another Venezuelan energy company, Derwick Associates.
Other International Efforts. The U.S. charges that have been made public might be just the beginning. PDVSA schemes could unravel further. In particular, foreign governments appear to be intensifying their efforts too.
Andorran authorities are investigating suspicious transactions involving Venezuelan officials. They have arrested the CEO of Banca Privada d’Andorra (“BPA”) on money laundering charges said to be linked to PDVSA. Relatedly, BPA has been on the U.S. Government’s radar. On March 10, 2015, the U.S. Department of the Treasury Financial Crimes Enforcement Network (“FinCEN”) named BPA a Foreign Financial Institution of primary money laundering concern and issued a Notice of Proposed Rulemaking. This decision was based, in part, on the information concerning the BPA’s role in money laundering of funds in the sum of approximately $2 billion funneled from PDVSA. This decision was then dismissed by the FinCen on February 19, 2016, when the U.S. authorities found the bank’s remedial plan to be sufficient.
Spain’s law enforcement agencies have reportedly launched an investigation of alleged money laundering and corrupt activities involving at least three ex-deputy ministers of Venezuela, the ex-intelligence chief, an executive of PDVSA, and a businessman close to late President Chavez. According to the authorities, these officials are clients of the BPA’s Spanish affiliate.
The Swiss government has also agreed to provide U.S. authorities with information about PDVSA-related transactions. According to reports, the Swiss authorities have agreed to provide U.S. prosecutors records from at least 18 banks related to transactions between the banks and individuals and companies allegedly involved in PDSVA-related criminal conduct. The request for information from eight banks was reportedly received from the U.S. Department of Justice Fraud section, and information requests related to 18 banks was received from U.S. Attorney Preet Bharara. At the moment there is no indication that the requested information has been turned over to the U.S. investigators by the Swiss Government.
Where the Venezuelan Government Stands. In the midst of these investigations and prosecutions, the Venezuelan Government has consistently denied the allegations of widespread corruption. It has attributed the investigations to efforts to destabilize Venezuela, a country that is undergoing a serious economic and political crisis. Some believe that former, and even current, PDVSA officials, as well as related entities, might have incentives to seek cooperation with U.S. and other authorities. This is because it is not clear how much longer the current administration will be able to maintain authority in the country. A new administration might take a different approach to PDVSA, perhaps focusing on investigating prior wrongdoing itself. Officials might make the calculation that it is more beneficial to resolve prior misconduct promptly, before the situation grows worse.
Post authored by Matt Ellis, FCPAAméricas Founder & Editor

Monday, August 22, 2016

Involving the President of Italy in my case


If the Board of Eni respected the "Best Practices" of the Corporate Governance - reflected on values as honesty, integrity and transparency - and honored the words and spirit of the Code of Ethics of the company, the Chairman, the CEO and the other directors would be the first ones to emerge the "real truth" about the 15 years story fight of a whistleblower that was fired - in retaliation - after reporting a millionaire scheme of fraud and corruption in the Brazilian subsidiary of the Italian giant Eni.
As three generations of the Board of Eni pretended nothing happened - they spread a "lying version" of facts and keep in the Italian Court a "frivolous lawsuit", demanding an indemnity of US$ 30 million - this whistleblower sent a letter - through the Brazilian Embassy in Rome - to the Chief of State of Italy, the President Sergio Mattarella, so he demands from Eni an "Independent Investigative Auditing" about this case. And this is because the Italian government is the major shareholder of Eni.
Know more:



Thursday, August 18, 2016

Member of the Board of Eni is under investigation



REUTERS' EXCLUSIVE:

Alexandro Profumo, member of the Board of the Italian giant Eni, is under investigation for alleged false accounting and market manipulation during the time in which he was a Chairman of the Monte do Paschi di Siena Bank, in Italy.

And now Board of Eni?


See more in this LINK.