“We are currently engaging with the Department of Justice (DOJ) regarding the breach notices it issued relating to the Deferred Prosecution Agreement. The resolution of these matters could result in a range of actions by DOJ, and may likely include additional monetary payments, the magnitude of which cannot at this time be reliably estimated. As this process is ongoing, we remain limited in what we can say about the historical events covered in the Iraq investigation and our ongoing engagement on the matter. We are fully committed to co-operating with the DOJ and our work to further strengthen our Ethics and Compliance program, controls and our culture remains a top priority. It was actually our improved compliance program that allowed us to identify the misconduct in Iraq that started at least back in 2011.”
PetroNor E&P ASA is an Africa-focused independent oil and gas exploration and production company listed in Norway and recently disclosed:
PetroNor E&P ASA has previously announced that the National Authority for Investigation and Prosecution of Economic and Environmental Crime in Norway (Økokrim) in December 2021 opened investigations into criminal charges and allegations of corruption brought against individuals related to the Company, namely its previous CEO and his business companion who together hold shares in the Company through their holding companies. [See here] There are no further updates in relation to the investigations against these individuals.
The Company has, however, received a notification from Økokrim that the Company’s Chairman of the Board, Mr. Eyas Alhomouz (US citizen), has been made subject to the ongoing investigations carried out by Økokrim and has been given the status as suspect, and that the U.S. Department of Justice has opened a separate investigation into these allegations, based on information from Økokrim.
As previously announced, no charges have been brought against PetroNor nor any of its Group companies.
The Company takes anti-corruption and the matter at hand very seriously. The Company has adopted the following remediation steps: removing the individuals charged by Økokrim in December from business operations; engaging independent legal counsel to support the board’s governance and compliance steps; initiating an independent fact-finding process to identify any misconduct and to analyse the causes of underlying conduct; setting up a separate board sub-committee to support the board on the matter at hand; assuring the further implementation of an effective anti-corruption and compliance program, founded on its existing code of conduct, governing documents and related policies; instigating other remedial actions as deemed relevant to the situation;
The measures taken by the Company are led by the board sub-committee which does not comprise any person subject to the charges or any investigation.