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Business Afren Oil Fires CEO Osman Shahenshah, 3 Other Execs in Multi Billion Dollar Scandal


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Following an independent review into unauthorised payments in an oil deal with Oriental Energy Plc, Afren Plc has sacked its chief executive, chief operating officer and two associate directors after findingevidence of "gross misconduct", Reuters reports.

Excerpt:

The probe also found that seven more current and former employees also received payments and Afren said it had begun disciplinary action against these employees.

Afren said it would start legal proceedings against founder and CEO Osman Shahenshah, COO Shahid Ullah and associate directors Iain Wright and Galib Virani to recover money related to the payments.

The review found that Shahenshah and Ullah had agreed with Oriental to receive 15 percent of the net cash flows that was due to Oriental from the Ebok oil field for 5 years from 2013 in exchange for $400 million in funding by Afren

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