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Petroceltic starts legal action after activist investor highlights blog allegations

Petroceltic said the allegations are "entirely baseless, untrue and defamatory”

Petroceltic starts legal action after activist investor highlights blog allegations
The company is taking legal action to identify the blogger

Petroceltic International (LON:PCI) said it has begun legal action in the Irish courts to identify a blogger in relation to allegations posted on an anonymous blogsite.

The blog’s allegations, which relate to the award of service contracts for the Ain Tsila project in Algeria, were highlighted earlier today via an open letter published by activist shareholder Worldview Capital, which owns 29% of the Petroceltic and previously tried to oust chief executive Brian O’Cathain.

Petroceltic, in a stock market statement, said it had no prior knowledge of the claims or concerns, but, it immediately instigated an investigation into the matter in accordance with its established procedures.

“On the basis of the investigation it has conducted to date, the company considers the allegations to be entirely baseless, untrue and defamatory,” Petroceltic said.

“The company has commenced an action in the Irish Courts to ascertain the identity of the blogger. 

“Once identified, he/she will be invited to demonstrate any bona fide evidence to support the allegations made.

“If no such evidence is forthcoming, the company will take appropriate legal action against any party who has made or repeats such defamatory statements in order to protect the good name and reputation of Petroceltic, its staff and consultants.”

Quick facts: Petroceltic International PLC

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AIM:PCI
Market: AIM
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