Lekoil Limited - Litigation Update
04/08/2022 10:56
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RNS Number : 9442U Lekoil Limited 04 August 2022
4 August 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, wishes to announce a
development in the litigation commenced by Mr Akinyanmi in the Superior Court
of New Jersey. He alleged (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 announced on 14 June 2022 that it had successfully challenged Mr.
Akinyanmi's choice of the New Jersey state court forum as improper to hear the
claim and the claim would be stayed until further notice pending arbitration.
Mr Akinyanmi has now appealed the decision of the court. The Company will
fight this appeal.
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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