Oil wars: police probe trade secrets claim

A former Tag Oil employee is being investigated for allegedly taking trade secrets, police confirm.

Head of New Plymouth's CIB Detective Senior Sergeant Grant Coward says a complaint was made by Tag Oil more than a month ago about a former employee now working for New Zealand Energy Corporation.

He says the allegation involves taking, obtaining or copying trade secrets under section 230 of the Crimes Amendment Act 2003, which carries a possible prison term of up to five years.

"The investigation is under way and I imagine it will be a lengthy inquiry."

The rival companies are listed in Canada and work in Taranaki's fiercely-competitive oil and gas industry.

The man's lawyer, Susan Hughes QC, told NBR ONLINE her client strenuously denies any wrongdoing and is confident his good name will be maintained.

dwilliams@nbr.co.nz


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7119 0.0022 0.31%
AUD 0.9456 0.0021 0.22%
EUR 0.6424 0.0019 0.30%
GBP 0.5387 0.0030 0.56%
HKD 5.5205 0.0178 0.32%
JPY 74.6400 0.1800 0.24%

Commods

Commodity Price Change Time
Gold Index 1326.7 5.900 2016-07-27T00:
Oil Brent 43.9 -1.320 2016-07-27T00:
Oil Nymex 41.9 -1.020 2016-07-27T00:
Silver Index 20.0 0.320 2016-07-27T00:

Indices

Symbol Open High Last %
NZX 50 7301.9 7301.9 7301.9 -0.11%
NASDAQ 5143.8 5151.1 5110.1 0.58%
DAX 10314.4 10352.3 10247.8 0.70%
DJI 18473.3 18542.4 18473.8 -0.01%
FTSE 6724.0 6780.1 6724.0 0.39%
HKSE 22134.1 22214.7 22219.0 -0.43%
NI225 16596.2 16616.3 16664.8 -1.05%
ASX 5539.7 5564.0 5539.7 0.31%