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Lundin Petroleum receives information regarding potential penalties over Sudan operations

Published by , Editorial Assistant
Hydrocarbon Engineering,

Lundin Petroleum AB has received notification from the Swedish Prosecution Authority (SPA) that the company may be liable to a corporate fine and forfeiture of economic benefits in connection an ongoing investigation.

In June 2010, the SPA initiated a preliminary investigation into alleged complicity in violations of international humanitarian law in Sudan during 1997 – 2003.

The notification indicates that the Prosecutor may seek a corporate fine of 3 million Swedish krona (SEK) and forfeiture of economic benefits from the alleged offence in the amount of SEK 3.282 billion, 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 maintains that there are absolutely no grounds for any allegations of wrongdoing by any company representatives. The company will 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.

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