Closing of Prosecutor’s Investigation Regarding the Covid‑19 Credit of Terraoil Swiss AG
2 September 2021
Terraoil Swiss AG, an E&P company with a strong focus on the Mediterranean, today announced that the Prosecutor’s Office of the Canton of Zug (Staatsanwaltschaft Zug) has closed its investigation against members of the Executive Management.
As previously announced by the Company in its 8 April 2021 business update and 30 June 2021 prospectus furnished to the SIX Exchange Regulation, an investigation was initiated by the Prosecutor's Office of the Canton of Zug. On 30 August 2021, the Company received the investigation closing order (Einstellung) from the Prosecutor’s Office. Based on the findings and analyses in the review, the Prosecutor’s Office has concluded that there was no violation in connection with the Executive Management’s activities and decisions relating to the application and use of a Covid-19 credit and therefore formally closed its investigation (equalling an acquittal/dismissal of the investigation). An official press release from the Prosecutor's Office on the closing of the investigation can be accessed here.
Meanwhile, the Board of Directors has also reviewed the Company’s compliance policies, procedures, and internal controls in light of the investigation. The Board has concluded that there is no need for updating such policies, procedures, and internal controls. The credit was obtained legitimately, and its proceeds were used in accordance with the legally intended purpose.
We are extremely relieved with this decision as it proves that the communication we have received over the years from various tax authorities and auditors, has been correct and there was no misconduct from the Company’s side.
The coronavirus crisis has injected real urgency into our work as management team and the strength of our recovery will depend crucially on how well we can access the investment opportunities and market financing we need. Moreover, the investigation obviously has taken a big toll on our Company and our employees; hence we are most pleased that we can now fully focus on the future to make our business more sustainable, digital, inclusive, and resilient. We also look forward to a final decision of the Albanian courts by year-end so finally paving the way for completion of the PSA’s with Albpetrol, taking over the operations of Cakran, Gorisht and Amonice following our successful bid for these oilfields in 2018.Peter Krempin, Chief Executive Officer
If you are an Terraoil shareholder and would like additional information, please contact
Peter Krempin, CEO
T: +41 71 544 01 20
About Terraoil Swiss AG
Terraoil is an international E&P company with a focus to identify and rapidly advance undeveloped transformational production potential through state-of-the-art technology with comparably low production cost.
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