Petroleum Africa
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Tuesday, November 6, 2018
More than a decade after it exited its operations in what was then Sudan, Lundin Petroleum is facing economic penalties for its previous activities there. According to the company it received notification from the Swedish Prosecution Authority indicatingit may be liable to a corporate fine and forfeiture of economic benefits in connection with the preliminary investigation into past operations in Sudan from 1997 to 2003.
The notification indicated that the Prosecutor may seeka corporate fine of SEK 3 million andforfeiture of economic benefits from the alleged offense in the amount of SEK 3,282 million, based on the profit of the sale of the Block 5A asset in 2003 of SEK 729 million.Any potential corporate fine or forfeiture would only be imposed after the conclusion of a trial, should one occur.
The investigation is in its ninth year and Lundin Petroleum remains convinced that there are absolutely no grounds for any allegations of wrongdoing by any company representatives and it will firmly contest any corporate fine or forfeiture of economic benefits.
The timeframe for a decision as to whether and when any corporate fine or forfeiture may be imposed remains uncertain but would only be incurred at the conclusion of a trial, if any, of matters currently under investigation. Fully in line with the company’s position that there are absolutely no grounds for any allegations of wrongdoing by any company representatives, the company will firmly contest any corporate fine and forfeiture of economic benefits.
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