Investor gives shares to Gulf Keystone's CEO
Tuesday 14 June 2011
One of Gulf Keystone Petroleum's biggest shareholders transferred more than 11 million shares to the oil prospector's chief executive Todd Kozel last month – without his knowing of the transfer.
The details were disclosed by the company in an announcement to investors yesterday. The shareholder – Gulf Keystone Petroleum Co LLC (GKP LLC) – is 40 per cent owned by Mr Kozel and 10 per cent owned by Ali al-Qabandi, the oil company's business development director.
Yet GKP LLC, which until recently owned more than 5 per cent of the AIM-listed firm, made the transfer of 11.6 million shares to Mr Kozel and 4 million to Mr Qabandi at nil cost, without the prior knowledge of either individual. At yesterday's closing price, the tranches were worth £17m and £6m respectively.
"Following the transfer, the company has been informed that GKP LLC is no longer a shareholder in the company," Gulf Keystone said.
The transfer came to light after the company examined its share register for May. Mr Kozel has since informed Gulf Keystone that the transfer shares are beneficially owned by his brothers and his father. But his ongoing $100m (£61m) divorce battle with his wife of 18 years, Ashley Kozel, means that, for now, he cannot pass the stock on to the beneficial owners.
The disclosure comes after it emerged in April that an asset injunction had been put in place stopping Mr Kozel from dealing in his shares as part of the divorce fight, which involves allegations over the extent of Mr Kozel's stake in Gulf Keystone.
GKP LLC also transferred more than 20 million shares to the Middle Eastern conglomerate Gibca, an investor in GKP LLC. Another 4 million shares in the oil firm were transferred to Ibrahim al-Khaldi, a former Gulf Keystone employee who also owns part of GKP LLC.
Sales of the tablet are set to fall again, say analysts
Met Police confirm there was a 'minor disturbance' and no-one was arrested
George Lucas criticises the major Hollywood film studios
Does Chris Grayling realise what a vague concept he is dealing with?
Trend which requires crisps, a fork and a strong stomach is sweeping Mexico's streets
Concerns raised phenomenon is threatening resort's image as a family destination
I Am Bread could actually be a challenging and nuanced title
Peter Biaksangzuala died from his injuries in hospital on Sunday
The X Factor's judges colourful outfit was mocked by Simon Cowell
- 1 Ebola outbreak: What is bushmeat – and is it to blame for the disease that has killed thousands?
- 2 Star Wars memorabilia called a 'bit of plastic' on Antiques Roadshow by Fiona Bruce valued at £50,000
- 3 Drink alcohol and eat meat to improve male fertility - but cut down on coffee, studies suggest
- 4 Russell Brand might seem like a sexy revolutionary worth getting behind, but he will only fail his fans
- 5 Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
Sophia Loren: How I rejected Cary Grant and 'pulverised' Marlon Brando with my eyes
Ebola outbreak: What is bushmeat – and is it to blame for the disease that has killed thousands?
'Russian submarine spotted' by Swedish military off coast of Stockholm
Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
Oscar Pistorius sentence: Athlete's wealth and notoriety provoke an overdue debate on South African prisons
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Sorry Judy Finnigan – Ched Evans is no less sickening than an alleyway rapist
Residents should throw a street party and mix with immigrant neighbours, councils told
Workers 'could be forced to pay £5 a week' to get benefits
Russell Brand threatened with arrest after filming outside Fox News headquarters
Amal Alamuddin calls for the return of the Elgin Marbles from Britain: 'Injustice has persisted for too long'
iJobs Money & Business
£18 - 23k + Benefits: Guru Careers: We are seeking a Customer Service Executiv...
£60 - 65k + Benefits: Guru Careers: We are seeking a ASP.NET Web Developer / ....
£60,000 - £80,000: Saxton Leigh: Our client is an leading Asset Manager based...
£27000 - £32000 Per Annum: Clearwater People Solutions Ltd: Our large charity ...