The board of Norway's Statoil ASA and Statoil Pres. and CEO Olav Fjell Sept. 23 jointly reported that Fjell will resign in the wake of the corruption allegations involving Statoil's dealings with Horton Investment, an Iranian firm. Chairman Leif Terje Løddesøl also resigned. Meanwhile, Inge K. Hansen, now serving as Statoil's chief financial officer, was named the company's acting CEO.
In addition, Statoil hired Ernst & Young Global to review all existing consultancy agreements for international business development.
On Sept. 22, Statoil's board met to obtain more details regarding the consultancy agreement on business development in Iran.
The Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime has accused Statoil of corruption regarding a June 2002 contract with Horton Investment (OGJ, Sept. 22, 2003, p. 41).
Briefing the board were Stig Bergseth, Statoil's senior vice-president for health, safety, and the environment; David Platts, head of group security; and Svein Andersen, senior vice-president, corporate audit.
In addition, the board and Fjell agreed that Fjell will step down "in order to normalize the situation within and around the group." In accordance with his contract, Fjell will be paid 2 years' salary upon resigning.
"Statoil is a strong company with great opportunities," Fjell said. "I hope my departure will help to ensure that the workforce can again concentrate all their energies on its further development."
A board spokesman said, "Statoil's international ambitions will be retained with high ethical standards. It is fully possible for the group to succeed internationally without becoming involved in activities, that lie in a borderland as regards ethical norms and rules."
