Report: Panama Papers shows shell companies used in alleged Saipem corruption scheme
28 Jul 2016

The law firm at the center of the Panama Papers leak may have helped facilitate an alleged multi-million corruption scheme tied to Sonatrach contracts won by Saipem.

The International Consortium of Investigative Journalists found that Mossack Fonesca helped Farid Bedjaoui create a Swiss bank account that was used to purchase “shelf” companies in the Caribbean.

Italian prosecutors allege that Bedjaoui, the nephew of a former Algerian foreign minister, orchestrated about $275 million in bribe payments to help Saipem win $10 billion worth of pipeline contracts from Algeria’s Sonatrach, the New York Times said.

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