Pressure over Manx-tied oil bribes

$4 billion dispute

Authorities in the US are investigating claims of bribery by Chinese oil producers, linked to bank accounts in the Isle of Man.

It surrounds a $4 billion dispute between state-owned producers and the government of Nigeria.

The China Petroleum & Chemical Corporation, more commonly known as Sinopec, is one of the world's biggest oil refiners.

Now claims dating back to 2015 allege bosses at its European subsidiary, Addax, paid $100m (£77m) to Nigerian officials, in an attempt to quell a row over drilling in the country.

Some of that money has been traced back to Douglas, where Addax has a number of shell companies incorporated.

The affair prompted accountants Deloitte to drop Addax as a client.

Now the US Securities & Exchange Commission and Justice Department have launched a joint probe - although sources at the Washington Post are claiming 'no action is imminent' at this stage.

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