Tullow Oil
As Tullow Oil chief executive Aidan Heavey prepares to step down next month after 31 years in charge, the company's decision to farm-down much of its interest in Lake Albert in Uganda to French group Total still awaits formal approval from the Ugandan government.
This week, however, a Ugandan citizen launched a lawsuit against the country’s tax authorities for accepting a $250 million (€238m) payment from Tullow to settle a tax tribunal demand, originally made for $407 million, over a previous asset sale to Chinese group CNOOC and Total.
Anti-corruption campaigner Jackson Wabyona has filed a case with the Ugandan commercial court over the settlement between Tullow and the Ugandan Revenue Authority, according to local reports.
He makes a number of allegations of wrongdoing against URA and accuses it of having no “economic or financial or rational basis” for accepting less from Tullow than had been demanded by the tribunal.
Tullow appealed the original $407 million demand to the commercial court, which approved the out-of court settlement with URA that Wabyona is contesting. Tullow says it considers the settlement “final”.
Meanwhile, Heavey will become chairman next month when he hands over the reins to current chief operating officer, Paul McDade.
Heavey plans to serve two years as chairman once he quits as chief executive, which he acknowledges is not best practice in corporate governance terms. Oil in Africa is, however, a “relationship business”, says Heavey, who wants a long handover.
Now that he’s quitting the day job, he should have plenty more time to follow his beloved Manchester United. He could also get a few tips on regime change from Alex Ferguson.
Auld Dubliner
A woman walks into a bar. This is not a joke, but the account of Dublin woman Anne Kinsella, who went to the Auld Dubliner in Temple Bar on Monday evening. She ordered a pint of Heineken and a vodka and diet 7Up.
As she regales on her Facebook page, the bartender served her Huzzar, which is known within the pub trade as a cheap vodka – it’s just €19 a bottle in Tesco.
After a back and forth with the bartender over the vodka, Kinsella received the bill for the two drinks. It was €17.10.
Maybe it is a joke after all. I doubt the pub’s customers find such frothy prices very funny. Nor should tourism authorities, which are fighting off the return of Dublin’s reputation for price gouging its visitors.
