The Board of Directors of Hygo Energy Transition Limited ("Hygo") became aware in late September of allegations involving an individual who was then serving as Hygo's Chief Executive involving conduct unrelated to this company and that predated his work at Hygo. On October 19, 2020, Hygo appointed Mr. Paul Hanrahan as a Director and its new Chief Executive and also appointed Mrs. Kate Blankenship as a new independent Director.
In addition, on September 25, 2020, Hygo’s Board initiated an internal review in response to these allegations. The law firm Simpson Thacher & Bartlett LLP was retained by Hygo’s board to conduct the review with assistance from forensic accountants at FTI Consulting and the Brazilian law firm Demarest Advogados. The review has included forensic accounting work and review of certain contracts, interviews with certain company personnel and representatives, and review of internal audit material, certain corporate card expenses and Hygo’s anti-corruption policies.
The procedures undertaken by these advisors as part of the review have not identified evidence establishing bribery or other corrupt conduct involving Hygo. The Board is pleased with the output to date and will continue its review and oversight in accordance with the ethical and corporate governance standards established by the applicable law.
About Hygo Energy Transition Ltd.
Hygo provides integrated downstream LNG solutions to underserved markets by delivering low cost, environmentally sound energy alternatives to consumers around the world. Hygo’s business includes (i) its network of existing and development stage marine LNG import terminals, (ii) its ownership of interests in existing and development stage large-scale power plants backed by high quality offtakers, and (iii) the downstream distribution of LNG from its terminals via marine and onshore logistics to major demand centers.
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The registration statement may be obtained free of charge at the SEC’s website at www.sec.gov under "Hygo Energy Transition Ltd." This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements regarding the size, timing or results of the initial public offering, represent Hygo’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Hygo’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Hygo does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Hygo to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the prospectus filed with the SEC in connection with Hygo’s initial public offering. The risk factors and other factors noted in Hygo’s prospectus could cause its actual results to differ materially from those contained in any forward-looking statement.
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Eduardo Maranhão, Chief Financial Officer