PracticeAuditPwC to probe Max Petrol options mystery

PwC to probe Max Petrol options mystery

Chief exec and chief operating officer of Max Petroleum sidelined after undisclosed receipt of share options

Max Petroleum’s auditors PriceWaterhouseCoopers have been called in to probe
the non-disclosure of share options at the oil minnow.

Max Petroleum’s chief executive Steve Kappelle and COO Ole Udsen have been
suspended from their positions in the wake of the storm.

The oil producer said: ‘The Company announces that it has suspended its Chief
Executive Officer, Steve Kappelle, and Chief Operating Officer, Ole Udsen,
pending an investigation into potential breaches of their employment contracts
involving the undisclosed receipt of share options.’

Max Petroleum added: ‘The scope of the investigation, however, will not be

limited to these matters.’

CFO Michael Young is understood to be at the helm while the probe is being
conducted.

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