Golar LNG Limited announces that its 50/50 downstream joint venture company, Hygo Energy Transition Limited, has issued a statement regarding its internal review. That statement is reproduced below:
Board of Hygo provides update on Internal Review
The Board of Directors of Hygo Energy Transition Limited (“Hygo”) became aware in late September of allegations involving an individual who was then serving as Hygo's Chief Executive involving conduct unrelated to this company and that predated his work at Hygo. On October 19,2020, Hygo appointed Mr. Paul Hanrahan as a Director and its new Chief Executive and also appointed Mrs. Kate Blankenship as a new independent Director.
In addition, on September 25, 2020, Hygo’s board initiated an internal review in response to these allegations. The law firm Simpson Thacher & Bartlett LLP was retained by Hygo’s board to conduct the review with assistance from forensic accountants at FTI Consulting and the Brazilian law firm Demarest Advogados. The review has included forensic accounting work and review of certain contracts, interviews with certain company personnel and representatives, and review of internal audit material, certain corporate card expenses and Hygo’s anti-corruption policies.
The procedures undertaken by these advisors as part of the review have not identified evidence establishing bribery or other corrupt conduct involving Hygo. The Board is pleased with the output to date and will continue its review and oversight in accordance with the ethical and corporate governance standards established by the applicable law.
