Petroleum Africa
Find us on: 
Thursday, January 17, 2013
Griffiths Energy International Inc. updated its activities surrounding the previously disclosed internal investigation into certain consulting contracts entered into by prior management. The company’s prior management and Board of Directors entered into Contracts with two entities owned and controlled by a foreign public official and his spouse, in the period between August 30, 2009 and February 9, 2011.
The company said that its current management team and board discovered the existence of the contracts in November 2011 and immediately commenced an internal investigation into the nature, circumstances and propriety of the contracts. The rigorous internal investigation was supervised by a special committee of independent directors of the board and conducted by external legal counsel and a forensic investigative accounting firm. The initiation of the internal investigation was voluntarily disclosed to Canadian and US authorities in November 2011, and in May 2012 , following conclusion of its internal investigation, Griffiths Energy disclosed that it was voluntarily sharing the results with appropriate authorities.
Griffiths Energy believes it is the first Canadian resource company to have self-reported and conducted such an investigation. Since its voluntary disclosure Griffiths Energy has been cooperating and working with the Royal Canadian Mounted Police, the Public Prosecution Service of Canada (PPSC) and the US Department of Justice to bring the matter to a close.
The company has been charged by the PPSC with one count under section 3(1)(b) of Canada's Corruption of Foreign Public Officials Act in relation to these matters. Griffiths Energy anticipates a near-term negotiated resolution of all matters under review and cannot say more at this time.
"We've worked extensively with the Crown and the RCMP throughout and we anticipate a negotiated resolution in the very near future," said Gary Guidry, President and Chief Executive Officer. "We can't say any more at this time, but will commit to providing more details as soon as a resolution is approved by the Court and made public."
Griffiths Energy holds exploration, development, and production activities in Chad. In 2011 the company acquired the PSCs from the government of the Chad. These PSCs provide exclusive rights to explore and develop reserves and resources over a combined area of 26,103 sq km.
" alt="Masdar, Infinity, and Hassan Allam Ink Land Deal for 10GW Wind Farm in Egypt">
" alt="Chariot Spuds Latest Prospect Onshore Morocco">
" alt="Saipem Awarded $850 Million Agogo Contract Offshore Angola">
" alt="TAG Oil Encouraged by BED4-T100 Production Test Results">
" alt="Seplat Commissions Nigeria’s ANOH Gas Processing Plant">
" alt="Chariot Announces Gaufrette Drilling Results">
" alt="CGG Changes Name to Viridien">
" alt="Achieving Mining Resilience with Long-Term Energy Solutions">
