Addax to shed 174 jobs in Geneva
Addax Petroleum is to close its Geneva offices with the loss of 174 jobs. The Chinese owned company confirmed press reports earlier this week it will close its Swiss office, as well as offices in Scotland and Texas.
The company plans to centre all future operations in Beijing.
The move comes after the company agreed to pay CHF 30m to end investigations into alleged bribery in Nigeria by Swiss prosecutors.
Although no illegal payments have been proven – investigators say there is insufficient paperwork to justify the millions of dollars paid.
Addax says it will enter into talks with the staff ahead of their redundancies – due by the end of the year.