DNO International Settles ØKOKRIM Claim
(Thomson Reuters ONE) -
Oslo, 25 October 2013 -- DNO International ASA ("DNO International"), the
Norwegian oil and gas company, announced today that it has reached an out of
court settlement with ØKOKRIM and accepted a reduced fine of NOK 20 million for
alleged failures five years ago to comply with the Securities Trading Act.
ØKOKRIM (the Norwegian National Authority for Investigation and Prosecution of
Economic and Environmental Crime) had charged the Company with lack of
disclosure to the market in respect to its sale of 43,873,960 treasury shares in
October 2008. A similar charge was reviewed and dismissed by the Stock Exchange
Appeals Committee in 2009, although the Company was fined NOK 800,000 for
failure to provide required information to the administration of the Oslo Stock
Exchange.
DNO International held thatØKOKRIM's decision to reopen a previously settled
case with the Oslo Stock Exchange and attempt to impose its own fine was in
violation of fundamental legal protections against double jeopardy. In addition,
the Company disputed the allegation that it had engaged in market manipulation.
"While DNO International has refuted the most serious of the charges, this
investigation, in which we have cooperated with the authorities, has been
underway in some form for nearly five years and could drag on for years under
Norwegian statutes," said Bijan Mossavar-Rahmani, DNO International's Executive
Chairman. "Given these circumstances, we agreed to pay a reduced fine, without
admitting any liability, to bring an end to a protracted and costly distraction
involving matters that predate the current executive management and board of
directors of DNO International," he added.
Mr. Mossavar-Rahmani said he is pleased a resolution has been reached with
ØKOKRIM and that the Company can get back to work delivering on its growth
strategy.
With this resolution, DNO International brings closure to a series of tax,
compliance and other legal disputes that were outstanding at the time the
previous chairman, Berge Gerdt Larsen, was replaced by shareholders in June
2011. The Company has since also significantly enhanced its corporate governance
protocols and practices and introduced greater transparency in its dealings with
stakeholders.
--- DNO International ASA is an Oslo-listed, Middle East and North Africa
focused oil and gas company holding stakes in 20 blocks in various stages of
exploration, development and production both onshore and offshore in the
Kurdistan Region of Iraq, the Republic of Yemen, the Sultanate of Oman, the
United Arab Emirates, the Tunisian Republic and Somaliland.---
Oslo, 25 October 2013
DNO International ASA
Corporate Communications
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: DNO International ASA via Thomson Reuters ONE
[HUG#1738085]
Unternehmensinformation / Kurzprofil:
Datum: 25.10.2013 - 08:45 Uhr
Sprache: Deutsch
News-ID 309364
Anzahl Zeichen: 3609
contact information:
Town:
Oslo
Kategorie:
Business News
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"DNO International Settles ØKOKRIM Claim"
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