UPDATE: Oslo Bors,Kurdish Region Government Meet On DNO International Dispute
September 28 2009 - 11:04AM
Dow Jones News
Oslo's stock exchange Monday said it has held a meeting with a
representative of the Kurdish Regional Government to discuss an
ongoing dispute centered on Norwegian oil company DNO International
ASA (DNO.OS).
The exchange said its Chief Executive Bente Landsnes and Senior
Vice President of legal affairs Atle Degre met with the KRG's
Khaled Salih, advisor to the region's prime minister and minister
of natural resources.
"Salih explained the unfortunate consequences that what has
become known as the 'DNO case' has caused for KRG," the exchange
said.
"Oslo Bors stressed during the meeting that the exchange does
not have any issues with KRG, and that KRG has not at any time been
the subject of investigations by the exchange," it added.
The bors last week released documents from its investigation
into DNO's October 2008 sale of 4.8% of its shares which showed
Hawrami was involved in the transaction.
Ensuing events, including speculation about Hawrami's role in
the sale - an official move designed to ensure funding for DNO and
Turkey's Genel Enerji which have assets in Kurdistan - resulted in
KRG suspending DNO's oil operations and exports and a 50% plunge in
the value of DNO's stock.
Both KRG and DNO have since criticized the bors' decision to
reveal Hawrami's involvement, saying it caused damage to the
government's reputation.
The exchange has however stuck by its decision to publish the
documents in response to a freedom of information request from a
newspaper.
It said its investigations into the transaction related to "DNO
and the company's duties towards the exchange and the market. For
Oslo Bors the case was completed by the decision announced by the
stock exchange appeals committed on Sept. 17," it said. That
decision overruled an earlier decision by the bors to fine DNO in
respect of insider trading, although a second fine was upheld
relating to the withholding of information.
Web site: www.oslobors.no
-By Elizabeth Adams, Dow Jones Newswires; +44 (0) 20 7842 9386;
elizabeth.adams@dowjones.com