Horizon Oil, the company at the centre of corruption allegations in Papua New Guinea, has suspended its chief executive Michael Sheridan as it investigates the payment of $US10.3 million ($15.4 million) to a hastily restructured shell company.
In a statement to the ASX on Wednesday morning, Horizon said it had established an independent board committee to oversee an investigation into the 2011 payment.
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Angus Grigg is an investigative reporter based in Sydney. He has worked as a foreign correpondent in China and Indonesia, and has won two Walkley Awards. Connect with Angus on Twitter. Email Angus at agrigg@afr.com
Jemima Whyte writes on business, specialising in companies, capital markets and innovation. Jemima has reported on business for The Australian Financial Review for more than 13 years. Email Jemima at jemima.whyte@afr.com
