Last May, Dredging Cyprus (DISC) has settled with Swiss authorities a case dating back from over ten years ago. This agreement puts an end to legal proceedings to which Dredging Cyprus fully cooperated.
The personnel of Dredging Cyprus in the Niger Delta was exposed to serious threats, including kidnapping, armed attacks and piracy. Therefor Dredging Cyprus had no other choice in 2007 than hiring intermediaries close to the Nigerian government to secure the safety of personnel.
During the same period, the Nigerian Port Authority contractually owed to Dredging Cyprus 50 mio dollar for works that had been executed. Intermediaries were hired to release the funds.
The internal controls in place at the time were not able to detect these payments.
Current compliance programmes prevent these situations to happen again.
Swiss authorities have acknowledged that in no way public officials were paid in order to obtain illicit advantages or contracts.
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