Qatar Sovereign Wealth Fund: Lekoil Saved From $10 Million Loss - Bloomberg:
A timely intervention from Qatar’s sovereign wealth fund saved Lekoil Ltd. from a significantly larger loss in a fake loan scam, said a person familiar with the matter.
Before drawing money from a $184 million loan arranged with people claiming to be from the Qatar Investment Authority, Lekoil had been due to pay about $10 million upfront, said the person, asking not to be named because the information isn’t public. Genuine representatives of the sovereign wealth fund contacted Lekoil through an adviser to raise the alarm before that payment was made.
The Africa-focused oil and gas producer still faces the loss of $600,000, including costs and a fee already paid to Seawave Invest Ltd. for arranging the non-existent loan. There’s also the possibility that it could lose a Nigerian oil license because it lacks funds for development. Lekoil’s stock sank to a record low in London after it announced it had fallen victim to the alleged scam on Jan. 13.
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