Irish oil company Petroceltic has launched legal procedings in Ireland’s High Court over a row with two parties the company had consultancy deals with in 2004 and 2005.
The Dublin-based firm is looking to have service and consultancy agreements with two companies relating to its activities in North Africa declared void.
The move follows threats of legal action against the Irish oil company over a £2.2million payment being sought by one of the parties.
Petroceltic said today it had taken legal advice and believed the original agreements from nine years ago constituted ‘a fraud on the company’.
“The proceedings also seek recovery of significant payments made to the two parties under the agreements during 2005 and 2006,” the company said in a statement.
“The matter has been brought to the attention of the relevant authorities, as well as current and intended future partners and other key stakeholders.”