Oil firm hit with big fine

Atlantic Petroleum has been handed the biggest fine ever issued by the Danish stock exchange.

The Faroese oil company, which was listed on the Danish stock exchange in 2005, has been handed a fine of DKK 180.000 for breaching stock exchange regulations.

The firm has also been warned that continued breaches may result in suspension from the stock exchange.

New procedures in place

“This is a drastic measure to take, but the violations were very serious, so it seems suitable,” says Jakob Kaule, who heads the surveillance department at the Danish stock exchange.

Atlantic Petroelum CEO Mark T. Højgaard has acknowledged that mistakes have been made: “Over a period last year, the company did not submit some of its stock exchange figures on time.”

He adds that the new management has implemented new procedures to ensure that the mistakes will not be repeated.

Translated by prosa.fo