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    Golar LNG Faces Fraud Claims


Golar LNG shares fell 32% on September 24, after it emerged that the head of its Hygo Energy Transition unit had been implicated in a Brazilian corruption case.

by: Joe Murphy

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Golar LNG Faces Fraud Claims

US law firm Pomerantz said on October 26 it was investigating claims of securities fraud on behalf of investors in LNG vessel owner Golar LNG.

"The investigation concerns whether Golar and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices," Pomerantz said in a statement.

Pomerantz did not explicitly state the nature of the claims, and was not immediately available for comment. But the law firm did draw attention in its statement to media reports on September 24 that Eduardo Navarro Antonello, former CEO of Golar subsidiary Hygo Energy Transition, had been implicated in Brazil's ongoing Operation Car Wash criminal investigation. Golar's stock price fell 32% that day, to close at $6.86/share.

Antonello subsequently stepped down from his role and was replaced by Paul Hanrahan, Golar LNG said on September 29. Amid the scandal, Golar LNG postponed a planned initial public offering at Hygo.