KUALA LUMPUR: Hibiscus Petroleum Bhd
’s unit Gulf Hibiscus Ltd (GHL) has filed a complaint against two directors and a general manager of Lime Petroleum Norway AS (Lime Norway) for financial losses suffered by GHL.
In its filing with Bursa Malaysia on Monday, the oil and gas company said the complaint was made to the Oslo Conciliation Board on April 1, 2016 to claim compensation for financial losses suffered by GHL related to the restructuring undertaken by Lime Norway.
The complaint was made against Lime Norway directors Hans Ove Leonard Lidgren and Svein Helge Kjellesvik and general manager Ivar Aarseth.
The estimated value for the claim is US$35mil and above.
“The above complaint against the Lime Norway directors and Lime Norway general manager falls within the scope of the Norwegian Companies Act, Section 17-1 as those individuals are among the primary perpetrators who contributed to the damages suffered by GHL as a result of the defendants’ failure to fulfil their general duty as directors and general manager of Lime Norway, particularly with regard to their conduct in relation to the actions taken to effect a substantial dilution of Lime Plc’s shareholding interest in Lime Norway under the restructuring undertaken by Lime Norway,” said Hibiscus on Monday.
Hibiscus bought a 35% stake in Lime Plc for US$55mil (RM227.9mil) in 2012, and the stake is held through its unit GHL.
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