Horizon Oil (ASX:HZN) denies any knowledge of wrongdoing relating to PNG payment

Company News

by Rachael Jones

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Last Updated: 24/02/2020 3:11 PM

Horizon Oil (ASX:HZN) has been implicated in an alleged bribery scandal.

A story in the Australian Financial Review aroused suspicion over a $15.4 million payment in Papua New Guinea nine years ago to an unknown shell company.

The payment was made just 10 weeks after Horizon was awarded a lucrative development licence in the Pacific nation.

Horizon issued a response to the market this morning, claiming that it had “no actual knowledge of any wrongdoing relating to that transaction”.

Shares in Horizon Oil (ASX:HZN) are trading 30 per cent lower at 8 cents.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.