The UK’s Serious Fraud Office(SFO) will bring charges against two former executives of a one-time FTSE 250 oil and gas exploration company today. Former chief executive of Afren, Osman Shahenshah, 55, and Shahid Ullah, 58, the chief operating officer, face accusations over payments they received via secret companies they controlled relating to more than $400 million of Nigeria business deals. On Wednesday, the businessmen appeared at Westminster magistrates’ court charged with two counts of fraud by abuse of position, one count of money laundering, contrary to section 328 of the Proceeds of Crime Act 2002, and one count of money laundering, contrary to section 329 of the Act. According to the SFO, which opened its investigation in June 2015, the “alleged fraud is claimed to have led to the collapse of the $2.6 billion oil giant by their administrators, who in related civil claims are seeking damages in excess of $500 million from the defendants and a Nigerian associate”.
AFREN ex-CEO & COO face charges over alleged $400million business deals in Nigeria
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