8th Aug 2014 06:33
LONDON (Alliance News) - Petroceltic International PLC Friday said it has reached a settlement in the case it brought in July 2013 against Samir Abdelly and Abdelly & Associes International Consulting.
Abdelly and Abdelly & Associes had counterclaimed against Petroceltic in the proceedings, but both parties have now withdrawn all claims and counterclaims made.
Petroceltic had alleged fraud on the part of Tunisia-based Abdelly & Associes related to advisory services the latter provided to the oil explorer's activities in Algeria and was seeking to recoup payments it made to Abdelly. Abdelly counterclaimed that it was owed millions of euros for advice provided to Petroceltic Isarene, the firm's Algerian business.
No financial details of the settlement were provided.
By Sam Unsted; [email protected]; @SamUAtAlliance
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