The suspension of two senior executives at oil group Max Petroleum, over the issue of undisclosed share options, is to be investigated by the AIM company’s auditors PricewaterhouseCoopers
Accountancy Age, 13 Sep 2007
Trading in Max Petroleum was suspended last week when the company announced that its chief executive Steven Kappelle and chief operating officer Ole Udsen had been suspended ‘pending an investigation into potential breaches of their employment contracts involving the undisclosed receipt of share options’.
A spokesman confirmed that the company auditors PwC would conduct the investigation, but would not disclose the timeline of the probe or any details about the nature of the share options.
Before its suspension Max Petroleum, which owns a number of valuable licenses in oil rich Kazakhstan, was one of the most heavily traded stocks on the junior exchange.
The company was valued at £360m when trading in its shares was blocked.
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