Strong ultimatum from Lundin CEO
Lundin Petroleum rejects demands for an independent enquiry into the oil company's activities in Africa. “Trust us or sell your shares,” says CEO Ashley Heppenstall to Dagens industri.
It is the newspaper Aftonbladet’s scrutiny of Lundin Petroleum’s activities, primarily in Sudan, that is causing concern among the shareholders. The company tried to allay these concerns by holding an information meeting with the institutional shareholders at the end of March, but then instead the proposal was put forward for an independent enquiry.
That neither the board nor the management supports this has been known for some time, but now Lundin Petroleum is increasingly hardening its tone. In an interview with Dagens industri, CEO Ashley Heppenstall urges the shareholders to withdraw their demand or sell their holdings. He considers that in the long term it is counter-productive to have shareholders who do not support the company.
The suggestion is directed primarily at Folksam, according to Dagens industri. At the same time, the company's third-largest shareholder, the fund management company Robur, supports the proposal for an independent enquiry.
Lundin Petroleum’s international shareholders reject the demand for an enquiry, according to Heppenstall.
- Database Search
- Unpaid Debt A comprehensive overview of the role of the Lundin Consortium in the oil war. ECOS calls upon the Swedish, Austrian and Malaysian governments to investigate whether, as a matter of international law, Lundin, OMV and Petronas 'were complicit in the commission of war crimes and crimes against humanity by others during the period 1997-2003.’ In response, the Swedish Public Prosecutor for International crimes opened a criminal investigation into ‘links between Sweden and the reported crimes’.
- In Depth For more specific information about the Lundin court case please visit the Unpaid Debt dossier.
