Afren Dismisses CEO, COO and Assoc Dirs

By John Lee.

Afren announced today that Willkie Farr & Gallagher (UK) LLP (WFG) has completed its independent review into the receipt of unauthorised payments by members of management and senior employees.

In connection with the conclusion of this review, the company has decided to terminate the employment and directorships of Osman Shahenshah and Shahid Ullah with immediate effect.

The decision to terminate the employment and directorships of Mr Shahenshah and Mr Ullah for gross misconduct was based on evidence identified by WFG of breaches by Mr Shahenshah and Mr Ullah of their obligations to Afren as employees and directors, in particular the receipt of unauthorised payments from third parties.

The Board has instructed counsel to commence legal proceedings against Mr Shahenshah and Mr Ullah, if necessary, to recover sums in respect of such unauthorised payments.

In connection with the review, the Board has also decided to terminate the employment of the Associate Directors, Iain Wright and Galib Virani with immediate effect. Each of Mr Wright and Mr Virani received payments in breach of the Company’s approved remuneration policy and the Company will seek to recover of such sums.

The Board has commenced an executive search for the replacement of senior executives and an update on this will be provided in due course. Egbert Imomoh remains Executive Chairman and Toby Hayward Interim-CEO.

The company has issued a separate announcement today containing more detail regarding WFG’s independent review into the receipt of unauthorised payments by members of management and senior employees and whether certain previous transactions should have been announced in accordance with the requirements of the Listing Rules.

The company will make the results of the review by WFG available to the FCA.

(Source: Afren)

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