Soden linked to Regal assets
Dow Jones Newswires reported yesterday that Mr Soden, who quit last year after it was leaked to the media that he had used his work computer to view adult material on the internet, was a director of Peak Resources, a Hong Kong registered vehicle.
Regal Petroleum shares plummeted last week after the company said its former chief executive had sold off its main assets under a secret deal with Peak. Peak was said to have bought oil supplies in the Ukraine at around 25% of the prevailing price for energy assets in the region.
“The remainder of the board was not aware of the existence of the agreement and had not authorised or approved the entering into of the agreement with Peak Resources,” Regal told the stock exchange on Monday.
A Park Resources spokesman was quoted as saying yesterday that Mr Soden had been invited to join the company’s board because he had a strong financial background.
Mr Soden received payments worth €2.7 million from Bank of Ireland after his departure. The bank said in its annual report, that the payments arose after it made a settlement with Mr Soden in respect of potential legal action against the group.
Prior to joining Bank of Ireland, Mr Soden built up a track record in a number of international banks, including Citibank and National Australia Bank.
