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20.02.2017 11:33
Petroceltic Alleged Ex-Manager for Bulgaria Conducted Frauds
The company said David Archer and his co-conspirators’ alleged actions spanned the UK, Bulgaria, Malta and Egypt

  • © Petroceltic

Petroceltic, the formerly AIM-listed Irish explorer taken over in May-June 2016 by private Cayman Islands-registered hedge fund Worldview, said February 16 it has filed a criminal complaint against its former Bulgaria manager David Archer and others.

As reported by Natural Gas World the company’s statement did say not where the criminal complaint had been lodged.

Petroceltic’s new owners say they believe it was defrauded of several million US dollars over several years. The complaint focuses on the alleged improper syphoning of money out of Petroceltic’s Bulgarian operations through a series of fraudulent transactions with related party companies controlled by Archer and associates.

Petroceltic said overpriced transactions concerned invoicing related to construction and maintenance contracts; vehicle, vessels and office rentals; and transactions involving the sale of gas at a significant discount to market price to entities controlled by Archer which was then allegedly onsold on the open market at much higher prices. The company said Archer and his co-conspirators’ alleged actions spanned the UK, Bulgaria, Malta and Egypt.

TAGS: Petroceltic | Worldview | Bulgaria | fraud | criminal complaint | David Archer | oil | gas | energy 

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20.03.2022  Teodor Bobochikov, Managing Partner, V-Ridium
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