Company News: Statoil faces corruption charges for Iraq dealings

The Statoil ASA board criticized Statoil Pres. and CEO Olaj Fjell for a $115 million business development contract with Iranian firm Horton Investment, but the board also said Fjell remains the "person best suited to take Statoil forward." The Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (Økokrim) has accused Statoil of corruption regarding a June 2002 contract to strengthen Statoil's business development in Iran (OGJ Online, Sept. 12, 2003). Fjell accepted the resignation of Richar John Hubbard, a director with the company, Norwegian newspapers Norway Post and Aftenposten reported.Meanwhile, Norwegian analysts viewed the deal...

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