Petroleum Africa
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Monday, July 8, 2013
Petroceltic International reported that it has issued legal proceedings in the High Court of Ireland against two parties with whom the its previous board entered into service and consultancy agreements in 2004 and 2005 with respect to its North African business activities. The company’s action follows the receipt of correspondence threatening legal proceedings against Petroceltic on behalf of one of the parties seeking payment of sums totaling $3.4 million pursuant to these agreements.
The agreements contain provisions under which the parties could make claims for further material payments from the company.
Petroceltic, having taken legal advice, believes that the original agreements constituted a fraud on the company and has consequently issued legal proceedings to have them declared void. The proceedings also seek recovery of significant payments made to the two parties under the agreements during 2005 and 2006. It will also consider any further actions that may be required to protect its interests.
The matter has been brought to the attention of the relevant authorities, as well as current and intended future partners and other key stakeholders.
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