Alliance to pursue O'Brien action
ALLIANCE Resources would continue to "vigorously pursue" the company's High Court action against its former chief executive, Mr John O'Brien, it said yesterday.
Reporting the group's results for. the six months to the end of October, its chairman, Mr Patrick Maley, said it would also be pursuing Mr O'Brien's interest in several offshore companies and would seek other avenues to recover shareholders' funds.
Alliance reported an operating loss after tax of $2.388 million (£1.78 million) for the six months to last October. The group, he stated, continued to make progress on several fronts. The cost reduction scheme currently in place would improve its financial performance in the short term, while the completion of farm outs an partnerships in the US and projects in Albania, show "considerable" promise, according to Mr Maley.
Alliance removed Mr O'Brien as chief executive last September after allegations surrounding some transactions.
Mr O'Brien has denied the allegations. He has said that he will fight each individual case brought against him.
In December, the London High Court refused to discharge a Mareva injunction freezing Mr O'Brien's financial assets.