Authorities Investigating Hydro's Operations in Libya

The investigation report into Hydro's former oil operations in Libya and consultancy agreements relating to the Company's international oil and gas operations was submitted today to the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime(Okokrim). The investigation provides grounds for criticism of certain issues. The investigators' report to the board was published today. It is up to Okokrim to consider the legal implications of the contents of the report. "The investigation has revealed that mistakes were made in Libya in 2000-2001 that represent a breach of Hydro's regulations. This is regrettable, and we need to learn from it. Any mistake in this area is unacceptable, and we take this issue very seriously," said Terje Vareberg, Chairman of Hydro's Board of Directors. "The board is satisfied that Hydro has generally maintained a sound ethical framework and a healthy business culture. The company's regulations were satisfactory in 2000 and have subsequently been further improved. The board will however make sure that regulations and routines are reviewed again to see whether additional improvements may be made to ensure compliance," he said...more...