Business
Investigation into OPL 310 Facility Agreement
Investigation into OPL 310 Facility Agreement.
About this update from Fenikso Ltd
[{"type":"text","content":"\n \n \n RNS Number : 5956E\n Lekoil Limited\n 02 March 2020\n \n \n \n \n 2 March 2020\n \n \n Lekoil Limited\n \n \n (\"LEKOIL\" or the \"Company\")\n \n \n Investigation into OPL 310 Facility Agreement\n \n \n LEKOIL (AIM: LEK), the oil and gas exploration and production company with a focus on Nigeria and West Africa, announces the results of the investigation into the origination and execution of the loan agreement, first announced by the Company on 2 January 2020 (the \"Facility Agreement\"), purportedly with the Qatar Investment Authority (\"QIA\") (the \"Transaction\").\n \n \n As announced on 13 January 2020, following the discovery that the Facility Agreement had not been entered into with the QIA, but instead with certain individuals falsely purporting to represent the QIA, the Board established an independent committee of the Board (the \"Committee\") to investigate the origination and execution of the Facility Agreement and steps which might reasonably be taken to retrieve monies paid in association with the Transaction (the \"Investigation\").\n \n \n The Committee was supported in its review by Kroll Associates UK Limited (\"Kroll\") acting as third-party forensic investigators. Advice was taken from Herbert Smith Freehills LLP, legal counsel engaged at the time of the Investigation, on discreet issues arising from Kroll's work.\n \n \n The Committee has reported to the Board the following results of the Investigation:\n \n \n · \n The Facility Agreement was a part of a fraud perpetrated against the Company. The Facility Agreement, and the sums to be received by LEKOIL pursuant to it, are not legally binding.\n \n \n ·\n There is no evidence of any complicity of any Lekoil Director or employee in the fraud.\n \n \n ·\n The Chief Executive Officer (\"CEO\") led the interaction and negotiations with the individuals falsely purporting to represent the QIA, on behalf of the Company, prior to ultimate approval being given by the Board to enter into the Facility Agreement.\n \n \n ·\n The Company has a legal claim to recover the US$450,000 paid to Seawave Invest Ltd (\"Seawave\") and its principals, in its capacity as introducer of those falsely purporting to represent the QIA.\n \n \n · \n The Board only approved the execution of the Facility Agreement after a third-party global risk consultant engage...