Lundin’s owners want to see a review
Stockholm, March 20, 2012
Lundin Petroleum is today inviting its institutional shareholders to a meeting in Stockholm to discuss among other issues the criticism levelled at the oil company for its business dealings in totalitarian states. “We understand the pressure that you are under,” they write in their invitation, according to Dagens Industri.
After today’s meeting with Lundin Petroleum’s management, Carina Lundberg Markow, Head of Corporate Governance at Folksam, stands firm behind an independent external review of the company’s activities in Sudan and Ethiopia.
“This could be carried out by a reputable firm of lawyers or accountants. Or someone else who is very trustworthy,” she says to the Swedish Central news Agency TT.
“As I understood it, there was also support among the other shareholders for the company to initiate some form of independent review,” she adds.
Lundberg Markow sees no problems with the operations run by Lundin Petroleum today.
“It appears that to be maintaining a high international standard, particularly as regards the environment. But there is also good work being done as regards human rights. We are now discussing events that took place 10 to 15 years ago.
It needs a clear, cool and objective review of the allegations that have been made and hopefully a decisive explanation. Clarity is, I believe, the only thing that will help in the current situation. Now we have been painted into a corner, with more or less well substantiated accusations from one direction and categorical denials from the other. If the company does not agree with our proposal, we will nevertheless put it forward at the shareholders’ meeting.”
Lundin Petroleum has called a shareholders meeting for May 10.
The issue of a special independent review of Lundin’s activities has not been raised within SEB.
“We think that it’s good that the prosecutor conducts his investigation, and we are carrying on a dialogue with the company. We are, of course, a major shareholder in Lundin Petroleum as we have a broad portfolio,” says Anna Helsén, Group Press Officer at SEB.
TT tried in vain this afternoon to contact Lundin’s Head of Corporate Communications Maria Hamilton for a comment.
original Swedish article:
http://www.corren.se/ekonomi/lundins-agare-vill-se-granskning-5969633-artikel.aspx
- Database Search
- Unpaid Debt A comprehensive overview of the role of the Lundin Consortium in the oil war. ECOS calls upon the Swedish, Austrian and Malaysian governments to investigate whether, as a matter of international law, Lundin, OMV and Petronas 'were complicit in the commission of war crimes and crimes against humanity by others during the period 1997-2003.’ In response, the Swedish Public Prosecutor for International crimes opened a criminal investigation into ‘links between Sweden and the reported crimes’.
- In Depth For more specific information about the Lundin court case please visit the Unpaid Debt dossier.
