As previously announced, Jan Fougner of the Oslo law firm Wiersholm is heading the investigation of the previous Libya-portfolio, which Hydro acquired from Saga Petroleum in 1999 and transferred to StatoilHydro through the merger of October 1 2007. The US law firm Shearman & Sterling LLP is assisting with US aspects of the investigation.
The mandate for the investigation, being conducted in parallel with an investigation by StatoilHydro and in close cooperation with Norwegian and US authorities, covers petroleum activities in Libya and consultancy agreements related to Hydro’s international oil and gas activities.
The ongoing investigation will report to a Committee of Non Management Directors of Hydro’s Board, which is currently led by Lene Olving, member of the board.
No time limit has been set for the conclusion of the investigations, but the ambition is to table all facts as soon as possible.