EQS Group-News: TERRAOIL SWISS AG / Key word(s): Miscellaneous
Closing of Prosecutor's Investigation Regarding the Covid-19 Credit of Terraoil Swiss AG

02.09.2021 / 07:37


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:
"We are extremely relieved with this decision as it proves that the communication we have received over the years from various tax authorities and auditors, has been correct and there was no misconduct from the Company's side.

"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."

If you are an Terraoil shareholder and would like additional information, contact Peter Krempin either via email investors@terraoil.swiss or by telephone at +41 71 544 01 20.

About Terraoil Swiss AG
Terraoil is an international E&P company with a focus to identify and rapidly advance undeveloped transformational production potential through state-of-the-art technology with comparably low production cost.
https://terraoil.swiss

Terraoil forward-looking statements
This media release serves informational purposes and constitutes neither an offer to sell nor a solicitation or an advertisement to buy any shares of Terraoil Swiss AG in any jurisdiction. This media release does not constitute a prospectus within the meaning of Article 35 et seqq. of the Swiss Federal Act on Financial Services. Investors should base their decision to purchase shares of Terraoil Swiss AG exclusively on the official prospectus, which is available electronically and free of charge under https://terraoil.swiss/prospectus. The shares described in the prospectus will publicly be offered in Switzerland only. In addition, investors should seek advice from their bank or their financial adviser. This media release and the information contained therein are not being issued in the United States of America, Australia, Canada, Japan, the United Kingdom, or the European Economic Area and must not be distributed within or to such countries or via publications with a general circulation in such countries.
This media release contains forward-looking statements such as projections, forecasts, and estimates. Such forward-looking statements are subject to certain risks and uncertainties which may cause actual results, performance, or events to differ materially from those anticipated in this media release. Readers should therefore not rely on these forward-looking statements. The forward-looking statements contained in this media release are based on the views and assumptions of Terraoil Swiss AG as of this date and Terraoil Swiss AG does not assume any obligation to update or revise this media release.



End of Media Release


Language: English
Company: TERRAOIL SWISS AG
Industriestrasse 47
6300 Zug
Switzerland
Phone: +41 71 544 01 20
Fax: +41 71 535 59 08
E-mail: info@terraoil.swiss
Internet: terraoil.swiss
ISIN: CH0369663445
Valor: 36966344
EQS News ID: 1230644

 
End of News EQS Group News Service

1230644  02.09.2021 

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