New Nigerian corruption case involving Qatar Investment Authority, Oil Companies, Shell Company Consultants, & much more...
#ButNothingsHappening fcced.com/nigerian-oil-f…
#ButNothingsHappening fcced.com/nigerian-oil-f…
Many of these swampy oil deals rely upon shell companies & middle men to hide the money passing hand in kickbacks, bribes, & payoffs. Is someone claiming the middlemen were frauds or is that their alibi? Time will tell.
Lekoil is claiming it got taken by a fraud for $10M
Lekoil is claiming it got taken by a fraud for $10M
Lekoil paid an off-shore shell company Seawave Investment Ltd from the Bahamas $600k to negotiate a loan for $184M to drill an oil field, which included $10M finders fee to someone at Qatar Investment Authority to secure the loan.
The deal was announced & then QIA, announced that they didn't have anything to do with the deal. So did the $10M in kickbacks disappear with the middlemen? Or were they just a scam to steal the money from Lekoil by an insider?
Nigerian corruption is nothing new. Shell & Eni oil companies are on trial in Italy at this time in a $1B law suit for corruption & bribery for drilling licenses. Even allegations of Nigerian military executing locals who objected... offshore-technology.com/features/oil-g…
More details on the Shell & Eni trial about Nigerian corruption can be found in this thread.
Back to this current story, one of former UK PM David Cameron's reps to Africa joined Lekoil last week! Reportedly after the deal was announced...
But they claim they used a 3rd party for due dilligence to research the shell company who found nothing useful...
But they claim they used a 3rd party for due dilligence to research the shell company who found nothing useful...
But this looks like the ultimate "pump & dump" stock scheme. The loan was announced last week & doubled their stock value, only to have it crash when QIA said it wasn't true.
Trading in the stock was halted Monday when the story broke...
Trading in the stock was halted Monday when the story broke...
Does this scream swampy shell company or what?
So who likely approved this deal? Well Lekoil CFO (until last week) Craig Eckersley. Did he really leave as CFO the same time the deal was being sealed? Looks like... He doesn't seem like the kind of player who could be played this easily.
The article claims Eckersley is the former head of the Abu Dhabi Investment Authority, but his linkedin page lists that as his current job? Doesn't even list the Lekoil job on there.
Bloomberg says that Eckersley left the ADIA in late 2018 so maybe he just didn't up date his LinkedIn profile. Seems weird for a CFO type guy who relies upon networks...
Seems at ADIA he was responsible for due dilligence! Odd for him to hire unknowns... bloomberg.com/news/articles/…
Seems at ADIA he was responsible for due dilligence! Odd for him to hire unknowns... bloomberg.com/news/articles/…
Especially a shell company that was only created shortly before March 14, 2019 & dissolved sometime between 12/09/19 & 1/13/20! With no employees listed on their web site.
No way a credible business does legitimate business with this company, let alone hand them $10M for nothing.
No way a credible business does legitimate business with this company, let alone hand them $10M for nothing.
This looks Swampy as can be, paying $10M in 'up front fees' through a shell company with no named employees to a well known entity like Qatar Investment Authority. It screams bribes & kickbacks, that the people responsible for approving the loan didn't get.
I'm sure time will reveal much more, but this story does not add up. Someone certainly got played or taken, time will tell who. But it is very revealing that a deal this shady was going down in a publicly traded stock that set up a pump & dump operation!
