May 15, 2009 / 11:01 AM / 9 years ago

Norway drops probe into Hydro's Libya dealings

OSLO, May 15 (Reuters) - Norwegian economic crime unit Oekokrim has dropped an investigation into suspect consultancy payments made by Norsk Hydro (NHY.OL) in Libya, the Norwegian aluminium producer said on Friday.

The Libya scandal forced Norsk Hydro’s former chief executive, Eivind Reiten, to resign from the post of StatoilHydro STL.OL chairman in 2007, after Norsk Hydro sold its oil and gas activities to Norwegian energy group Statoil.

“This has been a challenging case both for the company and for the individuals involved, and we are pleased that Oekokrim has arrived at this conclusion,” Norsk Hydro Chairman Terje Vareberg said in a statement.

The suspect deals go back to 2000-2001, before Reiten took over as CEO but when he was a member of Hydro’s group executive management. The case involves the oil and gas operations that Statoil acquired from Norsk Hydro to create StatoilHydro.

Reporting by Wojciech Moskwa; editing by Simon Jessop

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