Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Serious Fraud Office opens investigation into IOG backer

© SFOPetrofac bribery

The Serious Fraud Office (SFO) has launched an investigation into London Capital and Finance, which funds the primary backer of Independent Oil and Gas (IOG).

In a statement, the SFO said it has opened an investigation into individuals associated with London Capital and Finance.

Four people were arrested in the Kent and Sussex areas on March 4, who have since been released pending further queries.

The investigation is taking place in conjunction with the Financial Conduct Authority (FCA)

As of January, Independent Oil and Gas has been loaned £30.7m from London Oil and Gas, who in turn borrows from London Capital.

The FCA blocked London Capital from dealing with its assets and from conducting all regulated activity while it carries out its investigation.

IOG said London Capital is not a shareholder in London Oil and Gas, which is its primary backer.

There is no mechanism for early repayment.

IOG, which is focussed on the southern North Sea, has recently been subject to a rejected takeover bid from RockRose Energy.

Speaking earlier this month, Rockrose executive chairman Andrew Austin said the FCA investigation, which has been ongoing, raised “question marks” over IOG’s finances.

London Capital collapsed at the end of 2018.

An investigation into mis-selling was launched after thousands of people invested in a high-risk bond scheme marketed as a “fixed rate ISA”.

London Capital took £236m following the campaign.

The FCA ordered the advertising campaign to be stopped and prevented London Capital from dealing with its assets while an investigation is conducted.

More from Energy Voice

Latest Posts