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Thursday, 19 October 2017

EKH disavows Tri-Ocean Energy amid reports of a “USD 1 bn embezzlement” allegation

EKH disavows Tri-Ocean Energy amid reports of a “USD 1 bn embezzlement& allegation: Egypt Kuwait Holding (EKH) has had to issue a statement to the EGX explaining that Tri-Ocean Energy has not been a subsidiary of the company since 25 February 2016, Al Mal reports. The statement follows reports earlier in the week by Youm7 that two former senior Tri-Ocean Energy executives are allegedly being investigated by the Prosecutor General’s Office amid accusations they embezzled as much as USD 1 bn (an unrealistic figure in any case) from the oil and gas company over a period of two years. An initial investigation had shown “dodgy accounting” and some USD 18 mn missing from Tri-Ocean’s books, according to the newspaper. The report claims that the Prosecutor General has ordered an asset freeze and a travel ban on both executives and their families. EKH’s statement says that the reports have no bearing on the company or its operations.

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