For alleged £300million deals in Nigeria, oil executives’ trial to start Tuesday

For alleged £300million deals in Nigeria, oil executives’ trial to start Tuesday

Former chief executive and chief operating officer of defunct oil firm Afren, Osman Shahenshah and Shahid Ullah, will stand trial in London this week on charges of fraud and money laundering. The oil chiefs are accused of reportedly receiving secret payments in connection with oil deals in Nigeria which had a value of more than £300 million.  Before its collapse in 2015 under the weight of huge debts after oil price was halved, Afren, an African oil and gas firm, was sought-after on the stock market. At its peak Afren had a value close to £2 billion on the FTSE 250 index. Shahenshah and Ullah were fired in 2014 after law firm Willkie Farr & Gallagher concluded they had received millions of pounds in unauthorised payments from Afren’s Nigerian partner. The oil executives were both banned from running companies for 14 years earlier this year. The trial at Southwark Crown Court is expected to last about six weeks with the prosecution outlining its case on Tuesday.

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