Ex-Afren execs to face criminal charges over Nigeria deals – SFO

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Tomorrow the Serious Fraud Office will bring charges against the ex-Chief Executive Officer and Chief Operating Officer of former FTSE 250 oil and gas exploration company, Afren Plc.

Osman Shahenshah and Shahid Ullah stand accused over payments they received via secret companies they controlled relating to over $400m of Nigeria business deals.

The alleged fraud is claimed to have led to the collapse of the $2.6bn oil giant by their administrators, who in related civil claims are seeking damages in excess of $500m from the defendants and a Nigerian associate.

Shahenshah and Ullah will appear at Westminster Magistrates’ Court tomorrow, charged with the following offences:

Two counts of fraud by abuse of position, contrary to sections 1 and 4 of the Fraud Act 2006.
One count of money laundering, contrary to section 328 of the Proceeds of Crime Act 2002.
One count of money laundering, contrary to section 329 of the Proceeds of Crime Act 2002.
Case updates will be available on our website.

 

Source: Press Release