SandRidge probed over ties with chief's son

SandRidge investigation: TPG-Azon calls for probe into ties with firm owned by son of chief Tom Ward

An investor in SandRidge Energy is now calling on the board to suspend chief executive Tom Ward and probe claims by another big shareholder that Ward and a company run by his son acquired mineral rights and flipped them to SandRidge at a profit, reports said on Thursday.

Mount Kellett Capital, which holds about 4.5% in SandRidge, said in a letter to the board of the oil and gas company that it was reviewing the allegations made by TPG-Axon, a hedge fund that owns 6.7% of SandRidge, Reuters reported.

Mount Kellet said SandRidge's board should hire an independent law firm and a forensic law firm to investigate the allegations, and that Ward should be suspended until a probe is completed.

"We received the letter. As we've previously stated before, SandRidge has disclosed related party transactions in the company's public filings as…

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