Afren Suspends Associate Directors

By John Lee.

Afren has released a statement on the recent suspension of the Associate Directors of the company pending the results of an investigation. The statement reads as follows:

Afren plc (“Afren” or the “Company”) announces that the Board has temporarily suspended Iain Wright and Galib Virani, both Associate Directors of the Company.

Further to the announcement by the Company on 31 July 2014 regarding the suspension of the CEO, Osman Shahenshah, and the COO, Shahid Ullah, the Company has continued its investigation in relation to the receipt of unauthorised payments potentially for the benefit of the CEO and COO.

During such continued independent review on the Board’s behalf by Willkie Farr & Gallagher (UK) LLP, the Board were made aware by Iain Wright and Galib Virani that they have received payments which are linked to the previously identified unauthorised payments for the benefit of the CEO and COO. These payments were not made by the Company.

No conclusive findings have yet been reached and the investigation is ongoing. The investigation has not found any evidence that any Board members, other than Osman Shahenshah and Shahid Ullah, were involved.

The Board remains of the view that this will not negatively affect the Company’s stated financial and operational position.

The Board will update the market further as appropriate.

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