Petroceltic confronted by rebel shareholder Worldview over Algeria ‘fraud’

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Oil and gas explorer Petroceltic’s bitter row with rebel shareholder Worldview has deepened as the investor put the firm on the spot over sensational fraud claims on its Ain Tsila trophy project in Algeria.

Worldview, the hedge fund led by Angelo Moskov, owns 29% of Petroceltic but has been battling with the board for more than a year. 

It wrote an open letter today “to seek clarification for shareholders in respect of certain allegations which have recently appeared in the public domain relating to alleged fraud and corruption which may have taken place in the management of Petroceltic’s Algerian project”.

The claims were published by an anonymous author on a blog called Petroceltic: Exposure and Truth containing allegations over the project. 

Petroceltic is taking the Irish unit of blog publisher WordPress to court over the claims.

The letter said: “We are disappointed to again raise issues that, if substantiated, further evidence a culture of inappropriate and failed governance”.

Petroceltic declined to comment. 

Worldview has already called an extraordinary meeting for September 7 to register its opposition to a fundraising planned by Petroceltic’s board.

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August 20, 2015 |
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