16th Jan 2020 06:56
(Alliance News) - Seawave Investment Ltd - the firm which, according to Lekoil Ltd, brokered a loan to the Nigerian oil firm from fake Qatari investors - will address the matter, the Financial Times reported on Wednesday.
Lekoil late Monday said it parted, "in good faith" with USD600,000 to Seawave which acted as an introducer to those "purporting to be the Qatar Investment Authority". At the start of January, Lekoil announced it agreed a USD184.0 million loan from QIA for drilling and development at the Ogo field off the coast of Nigeria.
Seawave's Managing Partner Bismarck Abrafi told the newspaper that the company will respond to the allegations.
"We will issue a full statement and everything will be clear," Abrafi told the FT.
https://www.ft.com/content/bfaac332-37bd-11ea-a6d3-9a26f8c3cba4
Lekoil late Monday added that it will seek legal counsel after entering into the agreement with the fake investors "who have constructed a complex facade in order to masquerade as representatives of the QIA". Earlier that day, it suspended its shares from trading after QIA questioned the validity of the loan.
"As such, while Lekoil seeks to establish, alongside its legal counsel and nominated adviser, the full facts of this matter, the facility agreement can no longer be considered to be legally binding or enforceable and it should therefore be assumed that none of the funding, as set out in the announcement of January 2, will be forthcoming," said Lekoil.
For its part, Seawave on Wednesday said it "welcomes Lekoil's investigation and will remain available to the best of its abilities to assist".
Lekoil also confirmed its only financial exposure is the USD600,000 so far paid to Seawave, with no fees paid to those offering the loan.
Lekoil shares returned to trading on Tuesday. The stock closed 16% higher at 2.91 pence in London on Wednesday, after slumping 73% on Tuesday.
By Eric Cunha; [email protected]
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