Petroleum Africa
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Thursday, September 28, 2017
Afren, the once promising, now defunct oil company, is back in the news with two of its former executives facing money laundering and fraud charges in the UK. The company’s former chief executive Osman Shahenshah and COO Shahid Ullah appeared at Westminster Magistrates Court on September 27.The charges follow a two-year investigation by the UK’s Serious Fraud Office (SFO).
The two men face four charges related to payments they received through secret companies that were linked to £298 million worth of Nigerian business deals. According to some, the collapse of Afren was caused by the alleged fraud.
Shahenshah and three other directors were fired in 2014 for gross misconduct. He, along with Ullah will be charged with two counts of fraud by abuse of position, and two separate counts of money laundering
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