Norwegian prosecutors have charged an oil company and two of its executives over allegations that millions of dollars in bribes were paid to Republic of Congo President Denis Sassou Nguesso and his family.
Police said the case stems from an investigation launched after authorities in Monaco requested legal assistance over a suspicious bank transfer. Investigators allege that around $25 million was offered to the Congolese president and his relatives in 2016, when the Norway-based oil group applied for an offshore exploration licence.
According to the indictment, additional bribes were allegedly paid in the form of improper benefits and loans.
The company at the centre of the case, Hemla Africa Holding, is a wholly owned subsidiary of PetroNor E&P, which is listed on the Oslo Stock Exchange. Sassou Nguesso’s family controls the Congolese firm MGI International, which held a 25% stake in Hemla E&P Congo, the local company awarded the licence.
Prosecutors allege that two Norwegian executives ensured dividends were regularly paid from Hemla E&P Congo to MGI International.
“Up to and including 2024, this conferred an advantage of at least $24.68 million to the president through his close family members,” the indictment said.
PetroNor’s share price fell more than 14% on Monday before recovering some losses. The company has strongly denied the allegations.
“The company categorically contests the indictment of Hemla and welcomes the opportunity to have the case thoroughly examined in court,” PetroNor said in a statement.
The two executives — identified by Norwegian media as Hemla board members Gerhard Ludvigsen and Knut Sovold — were arrested in 2021 in connection with the case. They were held in custody for two weeks before being released and have consistently denied any wrongdoing.
Their lawyer, Halvard Helle, told business daily Dagens Næringsliv that working with local partners in exchange for licence shares is “a totally normal way of organising oil operations around the world”.
President Sassou Nguesso has ruled the oil-rich Republic of Congo for more than four decades across two separate periods in power.
