Two former Afren oil executives sentenced to 30 years for fraud and money laundering The former chief executive and chief operating officer of collapsed oil firm Afren have been sentenced to 30 years in jail for fraud and money laundering offences committed while in charge of the company, the Serious Fraud Office said today. Former chief executive Osman Shahenshah and former operations chief Shahid Ullah received more than $45m (£35m) from a [...]
Ex-Afren executives guilty of $300m oil business deal fraud Two former Afren oil executives who laundered $45m (£34.83m) after deceiving the now collapsed company into a fraudulent $300m deal have today been found guilty. Former chief executive Osman Shahenshah, 56, and ex-chief operating officer Shahid Ullah, 59, hatched the plan after a shareholder revolt objected to their £6.6m and £3.8m salaries. Read more: Afren sinks into administration The [...]
Oil producer Afren goes into administration The story of embattled oil producer Afren came to a sorry end today after the company called in the administrators, having been unable to agree a new funding deal with its lenders. "The board believes that all the possible routes have now been explored during the course of this process, which was subject to a [...]
Afren’s future hangs in balance after Luxembourg suspension July 19, 2015 Oil firm Afren is facing an uncertain future as shareholders prepare to vote on the proposed financial restructuring of the company. The group is due to meet next week in order to establish its next move, having suffered a series of setbacks over the past 12 months. Trading on the London Stock Exchange [...]
Afren shares have been suspended July 15, 2015 Shares in embattled oil producer Afren were suspended this morning as uncertainty regarding its financial position left it unable to accurately update the market. The Nigeria-focused company's shares were suspended at 7.30am by the Financial Conduct Authority at the request of the oil producer pending an announcement. Afren later said that an ongoing business review [...]
Afren’s share price soars as it reveals entire board is stepping down at today’s AGM June 25, 2015 Afren's share price jumped nearly 20 per cent this morning after it emerged the entire board, including chairman Egbert Imomoh, will step down after today's AGM. As well as Imomah, Toby Hayward, Patrick Obath, Sheree Bryant and Iain McLaren will not stand for re-election as directors. Imomah said: "The past year has been [...]
Afren’s share price has mysteriously shot up 82 per cent June 23, 2015 Shares in embattled oil producer Afren closed up 59.33 per cent to 2.39p per share today – however nobody knows why. Earlier today pundits had taken to Twitter in a guessing game after the oil producer's share price mysteriously shot up as much as 90 per cent to 2.78p per share. The jump is particularly surprising [...]
Afren seeks investor support for refinancing agreement through new microsite as share price stagnates June 22, 2015 Troubled oil firm Afren has set up a microsite to gain support from shareholders for its controversial refinancing of its debt in March. The site features videos with management, the refinancing prospectus, FAQs and other material related to the vote. The Nigeria-focused business agreed a $300m debt-for-equity deal after defaulting on its $15m [...]
Afren share price falls as it puts off another interest payment to bondholders June 10, 2015 Afren, the troubled oil producer whose share price plummeted 98 per cent last year, admitted this morning that it will use another 30-day grace period to put off an $11.9m (£7.7m) interest payment due yesterday. The Aim-listed company added that it was unlikely to make the payment, due on its 2020 bonds, at the end [...]
Afren share price wavers after directors Peter Bingham and John St John step down May 18, 2015 Shares in troubled oil firm Afren opened 2.82 per cent higher at 3.28p after it announced two of its non-executive directors will to step down after its AGM, as the company's debt talks roll on. They were later trading slightly lower 0.63 per cent at 3.17p in early afternoon trade. Peter Bingham and John St [...]