Hygo Energy Transition chief executive Eduardo Antonello is taking leave from his role at the company after his implication in a Petrobras bribery scheme last week.
Hygo's parent, Golar LNG, said on Tuesday that Antonello had informed the company he would be taking time to address allegations made in his native Brazil, where he has been accused of paying oil executives $40m in bribes to secure a $2.7bn contract for his former employer Seadrill.
"The Hygo board wants to emphasise that Mr Antonello's leave is not in any way linked to any action or misconduct during his tenure at Hygo where he has been instrumental in building a very robust integrated LNG business, delivering cheaper and cleaner energy to the Brazilian market," he said.
Golar LNG said Hygo's board will take over Antonello's responsibilities during his leave.
"[The board] reiterates to its shareholders and customers its total commitment to continue to build a global company able to democratise use of LNG by replacing more expensive and polluting fuel sources like diesel, oil and coal," the company said.
Golar LNG provided no further details on Antonello's leave. The company said last week it was launching an investigation into his conduct while employed at the company, and stressed that the allegations came while he worked for a separate firm.
In a statement, Antonello's attorney said reports of his wrongdoing are based exclusively on allegations made by whistleblowers and "not reflecting actual facts". The attorney said authorities need to be more careful in ensuring the secrecy of their investigations.
The attorney added that more than 15 companies had been involved in the bidding process in question and that Seadrill's involvement only made things more competitive, helping Petrobras save money.
Hygo was set to begin trading in New York's Nasdaq late last week, completing a $558m initial public offering. But that was delayed after news surfaced that Brazilian federal police had executed 25 search warrants in relation to the alleged bribery scheme.
The investigation is connected to the long-running corruption investigation into state-controlled oil company Petrobras known as Operation Car Wash.
It is unclear if the Hygo IPO will still go forward. The company is a joint venture between Golar LNG and Stonepeak Infrastructure Partners and will manage Golar LNG's downstream natural gas business, including its gas carrier fleet.
Hygo was formerly known as Golar Power while under the Golar LNG banner.
Spinning off its shipping business has been a goal for Golar LNG for nearly two years.
The Tor Olav Troim-backed company came close late last year before its deal with Awilco LNG and TMS Cardiff Gas fell apart.
The allegations also prompted a sell-off of Golar LNG shares, with prices sliding nearly a third to $6.86 last Thursday as the news spread internationally.
In early trading on Tuesday, shares rose a quarter to $6.31.
Petrobras investigating, too
Meanwhile, Petrobras said it would undertake a review of Golar Power's involvement in a bidding process to lease an import terminal in Bahia, Reuters reported.
The newswire said the company intends to review the company's integrity analysis. Companies deemed to have high integrity risk cannot do business with the company.
It is also reportedly looking into Petrobras Distribuidora's current partnership with Golar Power.
