Yara initiates external investigation regarding Libyan joint venture

Yara initiates external investigation regarding Libyan joint venture

3:54 PM, 8th June 2011
Yara initiates external investigation regarding Libyan joint venture

OSLO, NORWAY: Yara International ASA has decided to initiate an external investigation related to the establishment and follow-up of Yara’s interest in Libyan Norwegian Fertilizer Company (Lifeco).

 

Yara has notified The Norwegian National Authority for investigation and prosecution of Economic and Environmental Crime (KOKRIM) of the possibility that criminal offenses may have occurred before October 2008 in connection with the negotiations preceding the company’s investment in Libya.

 

The external investigation will be headed by Jan Fougner, Partner at the Norwegian law firm Wiersholm, Mellbye and Beck. In addition to the Libyan JV, the investigation will also be mandated to look at potential integrity issues related to other JVs. Yara is not aware of any so-called “red-flags” for potential breach of ethical guidelines related to other JVs.

 

Lifeco was established in February 2009 with a 50 per cent Yara ownership, 25 per cent National Oil Company ownership and 25 per cent Libyan Investment Authority ownership. The company owns and operates ammonia and urea plants in Marsa El Brega, Libya with a combined annual capacity of 900,000 ton urea and 150,000 ton merchant ammonia. The production was temporary closed down second half of February due to the unrest and will remain closed until the situation has stabilized.

(C) WOC News

 

 

 

 

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