Saudi Arabia - joining the dots

A series of blog entries exploring Saudi Arabia's role in the oil markets with a brief look at the history of the royal family and politics that dictate and influence the Kingdom's oil policy

AIM - Assets In Market

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Iran negotiations - is the end nigh?

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Yemen: The Islamic Chessboard?

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Acquisition Criteria

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Valuation Series

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Showing posts with label Aje. Show all posts
Showing posts with label Aje. Show all posts

Friday 1 August 2014

Afren - CEO and COO suspended re unauthorised payments


  • On 31 July 2014, Afren has temporarily suspended its CEO, Osman Shahenshah and the COO, Shahid Ullah
  • During an independent review by Willkie Farr & Gallagher, evidence had been uncovered showing the CEO and COO were in receipt of unauthorised payments
    • These payments were not made by Afren
    • The investigation continues, no conclusive findings to date
    • No evidence found that any other directors involved
  • Egbert Imomoh (Non-Executive Chairman) has been appointed as Executive Chairman
  • Toby Hayward (NED) has been appointed as interim CEO
  • Afren's H1 2014 results, originally scheduled for 4 August 2014, will now be postponed to no later than the end of August

SUPPLEMENTARY
OML113 and OPL 310
Aje and Ogo