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“This has been a challenging case both for the company and for the individuals involved, and we are pleased that Økokrim has arrived at this conclusion,” Hydro’s chairman Terje Vareberg said.

Økokrim was presented with the results of an investigation carried out on behalf of Hydro’s board of directors in October last year. The investigation was carried out by the law firms Wiersholm and Shearman & Sterling.

The investigation was performed after questions concerning Hydro’s former Libyan activities were raised in connection with the merger of Hydro’s oil and gas activities with Statoil to form StatoilHydro in 2007.

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