The Reuters news agency is reporting that oil and gas producer, Afren Plc has sacked its chief executive, chief operating officer and two associate directors, after an independent review into unauthorised payments found evidence of gross misconduct by the executives.
The company said that the probe of the executives found that seven more current and former employees also received payments and Afren has begun disciplinary actions against these employees.
Afren will start legal proceedings against founder and Chief Executive Osman Shahenshah, Chief Operating Officer Shahid Ullah and associate directors Iain Wright and Galib Virani to recover money related to the payments.
Afren had earlier suspended Shahenshah and Ullah in July, when it began a review in July. In August, the two associate directors were suspended as the review expanded to search for further incidences of unauthorised payments.
The review,which was conducted by law firm, Willkie Farr & Gallagher, commenced after the company discovered unauthorised payments linked to transactions related to the Okoro field in Nigeria.
Afren says it has notified Britain’s ‘Financial Conduct Authority (FCA), while adding that its partners in Nigeria were not aware of any wrong-doing.
The company said Toby Hayward will remain as interim chief executive as the board searches for replacements, while Egbert Imomoh will remain as executive chairman.
Since the review began, the company’s stock has fallen by nearly a third.
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