Business
Further update on Facility Agreement and Trading
Further update on Facility Agreement and Trading.
About this update from Fenikso Ltd
[{"type":"text","content":"\n \nRNS Number : 6631Z Lekoil Limited 13 January 2020 \n\n13 January 2020\n \nLekoil Limited\n(\"LEKOIL\" or the \"Company\")\n \nFurther update in relation to Facility Agreement and Restoration of Trading\n \nFollowing the Company's announcement earlier today, the Company is now in a position to advise that, based on all information currently available to Lekoil, the loan agreement announced on 2 January 2020 by the Company, purportedly with the Qatar Investment Authority (\"QIA\") (the \"Facility Agreement\" or the \"Transaction\") seems to have been entered into by the Company with individuals who have constructed a complex facade in order to masquerade as representatives of the QIA (the \"Counterparties\"). \nThe Company will be contacting the relevant authorities across a number of jurisdictions without delay, with regard to what appears to be an attempt to defraud Lekoil, and would like to thank the QIA for drawing this matter to the Company's advisers' attention on 12 January 2020, who then immediately made contact with the QIA to establish the facts of the situation. \nLekoil's due diligence on the parties involved in the Transaction included, inter alia, meetings with individuals who, the Company now understands falsely presented their credentials as QIA representatives and interaction with individuals purporting to be carrying out legal and technical due diligence on behalf of the QIA (again, falsely). In addition, at the behest of the Company's Non-Executive Directors, a third party due diligence report, based predominately on open source information, was commissioned by Lekoil on Seawave Invest Limited (\"Seawave\") in its capacity as introducer of the Counterparties and lead adviser to the Company in relation to the Facility Agreement. In addition to the work of its in-house specialists, Lekoil also sought advice in relation to the Transaction from its retained UK legal counsel.\nAs such, while Lekoil seeks to establish, alongside its legal counsel and Nominated Adviser, the full facts of this matter, the Facility Agreement can no longer be considered to be legally binding or enforceable and it should therefore be assumed that none of the funding, as set out in the announcement of 2 January 2020, will be forthcoming. As set out in more detail below, an Investigation Committee h...