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Norwegian prosecutors have charged two individuals and a subsidiary of oil firm Petronor over an alleged scheme involving millions of dollars in bribes paid to the president of the Republic of Congo, Denis Sassou Nguesso and his family.
Authorities said the alleged bribes amounted to about $25 million, most of which were paid in 2016 during the submission of an application for an offshore oil licence.
Prosecutor Marianne Djupesland said the arrangement allowed the President and his family to receive a quarter of the income generated from oil sales tied to the licence.
“The main bribe is related to the fact that the Norwegians accepted that the president and his family would have one quarter of the income from the sale of oil that the licence awarded to Hemla generated,” she said.
The licence was awarded to Hemla Africa Holding, a wholly owned subsidiary of Norway-based Petronor E&P, which is listed on the Oslo Stock Exchange.
Following news of the charges, Petronor’s share price fell by more than 14 per cent before recovering some of those losses.
In a statement, Petronor rejected the allegations against Hemla, saying it disputes the charges and welcomes the opportunity to have the case fully examined in court.
According to the indictment, Congolese firm MGI International, controlled by close relatives of the president, held a 25 per cent stake in Hemla E&P Congo, the local company that received the licence, while Hemla Africa Holding owned the remaining 75 per cent.
Prosecutors said the two accused ensured regular dividend payments from the company to MGI, providing financial benefits of at least $24.68 million to the president through his family by 2024. Investigators also alleged that additional bribes were made through improper benefits and loans.
The two men, identified in media reports as Hemla board members Gerhard Ludvigsen, 66, and Knut Sovold, 61, were arrested in 2021 and held for two weeks during the initial investigation before being released. Both have denied wrongdoing.
Their lawyer said that partnering with local entities in exchange for licence shares is a common practice in oil operations worldwide.
