Lekoil Limited - Litigation update
14/06/2022 16:39
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RNS Number : 8698O Lekoil Limited 14 June 2022
14 June 2022
Lekoil Limited
("LEKOIL" or the "Company")
Litigation update
LEKOIL (AQSE: LEK), the Cayman Islands litigation asset company with an
investment in oil & gas assets in Nigeria, is pleased to provide the
following update in respect of the litigation commenced by Mr. Akinyanmi in
New Jersey.
As originally announced on 24 September 2021 (and most recently on 5 May
2022), Mr Akinyanmi commenced an action in the Superior Court of New Jersey,
alleging (amongst other things) breach of contract in the termination of his
employment contract in an attempt to set off such sums against the amounts
owing under the CEO Loan.
The Company challenged the jurisdiction of the New Jersey court to hear the
claim and the Company has been successful in its application. The case is now
stayed until further notice pending arbitration. Following this decision,
the Company will continue to pursue the recovery of the CEO loan in the
appropriate jurisdictions.
Commenting on the New Jersey judgment, the Company commented:
" We are pleased to have won the New Jersey judgment and note that it calls
into question the wisdom of Lekoil Nigeria funding the expensive personal
litigation costs of Mr. Akinyanmi. We would urge Mr. Akinyanmi to
immediately pay the amounts outstanding under the CEO Loan rather than require
the Company to pursue yet more litigation."
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.
For further information, please visit www.lekoilplc.com
(http://www.lekoilplc.com) or contact:
First Sentinel Corporate Finance Ltd (AQSE Corporate Adviser)
Brian Stockbridge +44 203 989 2200
Tennyson Securities (Broker) +44 20 7186 9030
Peter Krens
Camarco (Financial PR Advisor) +44 20 3757 4983
Billy Clegg / Owen Roberts / Violet Wilson
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