Statoil CEO resigns in wake of corruption allegations

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...

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