Petroleum Africa
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Monday, April 30, 2012
ERHC Energy Inc.received formal confirmation from the Department of Justice and the SEC that proceedings on subpoenas served on the company several years ago are closed. The announcement follows ERHC's receipt of letters from the two agencies that they had closed action related to the subpoenas served on ERHC between 2006 and 2007.
ERHC had earlier sought and obtained confirmation that it had fully satisfied the subpoenas of the Senate Permanent Subcommittee on Investigations and that the Subcommittee is undertaking no further action on the subpoenas.
The US government served subpoenas on the company looking for information that the company violated the Foreign Corrupt Practices Act in its dealings with Sao Tome and Principe and Nigeria.
ERHC has always insisted that subpoenas are merely requests for information and that service of the subpoenas on the company did not necessarily mean that any further proceedings were intended or would result with respect to the company.
“Today’s announcement is the culmination of six long years of work aimed at protecting ERHC's oil and gas interests and advancing the interests of our shareholders,” said ERHC president and CEO Peter Ntephe. “Now that the cloud of suspicion resulting from the subpoenas has been formally removed, we expect that many of the challenges of selling the ERHC proposition to prospective partners and the larger investment community may be significantly diminished.”
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