EQS Group-News: TERRAOIL SWISS AG
/ Key word(s): Miscellaneous
Zug, Switzerland, Sep. 2, 2021 - Terraoil Swiss AG, an E&P company with a strong focus on the Mediterranean, today announced that the Prosecutor's Office of the Canton of Zug (Staatsanwaltschaft Zug) has closed its investigation against members of the Executive Management.
As previously announced by the Company in its April 8, 2021 business update and June 30, 2021 prospectus furnished to the SIX Exchange Regulation, an investigation was initiated by the Prosecutor's Office of the Canton of Zug. On August 30, 2021, the Company received the investigation closing order (Einstellung) from the Prosecutor's Office. Based on the findings and analyses in the review, the Prosecutor's Office has concluded that there was no violation in connection with the Executive Management's activities and decisions relating to the application and use of a Covid-19 credit and therefore formally closed its investigation (equalling an acquittal/ dismissal of the investigation). An official press release from the Prosecutor's Office on the closing of the investigation can be accessed here.
Meanwhile, the Board of Directors has also reviewed the Company's compliance policies, procedures, and internal controls in light of the investigation. The Board has concluded that there is no need for updating such policies, procedures, and internal controls. The credit was obtained legitimately, and its proceeds were used in accordance with the legally intended purpose.
Chief Executive Officer, Peter Krempin commented:
"The coronavirus crisis has injected real urgency into our work as management team and the strength of our recovery will depend crucially on how well we can access the investment opportunities and market financing we need. Moreover, the investigation obviously has taken a big toll on our Company and our employees; hence we are most pleased that we can now fully focus on the future to make our business more sustainable, digital, inclusive, and resilient. We also look forward to a final decision of the Albanian courts by year-end so finally paving the way for completion of the PSA's with Albpetrol, taking over the operations of Cakran, Gorisht and Amonice following our successful bid for these oilfields in 2018."
About Terraoil Swiss AG
Terraoil forward-looking statements
End of Media Release
|Company:||TERRAOIL SWISS AG|
|Phone:||+41 71 544 01 20|
|Fax:||+41 71 535 59 08|
|EQS News ID:||1230644|
|End of News||EQS Group News Service|