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Afren PLC Share Chat (AFR)


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kenj
Posts: 1,410
Off Topic
Opinion:No Opinion
Price:0.00
RE: For whom the bell tolls! . . .
30 Sep '17
This court case is against two directors who were suspended long before Afren collapsed. The new board reported the non standard payment methods to the SFO to draw attention away from the real cause of Afren's collapse, which are well detailed in this article.

http://www.iii.co.uk/investment/detail/?display=discussion&code=cotn%3AAFR.L&threshold=0&it=le&action=detail&id=11606746
 
Arbitrage
Posts: 1,192
Observation
Opinion:No Opinion
Price:0.00
For whom the bell tolls! . . .
28 Sep '17
Court proceedings 'kick-off' next Wednesday for the company's 'illustrious' ex Former chief executive Osman Shahenshah and chief operating officer Shahid Ullah, who will appear at Westminster Magistrates Court on Wednesday.

It follows a two-year investigation by the Serious Fraud Office (SFO).
Afren, once valued on the FTSE 250 index at £2.6bn, collapsed in 2015 after the oil price slump and the failure of an Iraqi Kurdistan project.

The two men face four charges related to payments they received through secret companies that were linked to £298m ($400m) worth of Nigerian business deals.

It is being claimed that the alleged fraud led to the collapse of Afren which is now in administration.
Mr Shahenshah - who was sacked along with three other directors over gross misconduct in 2014 - and Mr Ullah will be charged with two counts of fraud by abuse of position, and two separate counts of money laundering.
The SFO said that Afren's administrators AlixPartners are seeking damages worth more than £500m from Mr Shahenshah, Mr Ullah and one of their Nigerian associates, in related civil claims.
HeidHoncho
Posts: 1,777
Observation
Opinion:No Opinion
Price:0.00
There's a surprise ........ NOT
28 Sep '17
afleac
Posts: 86
Off Topic
Opinion:No Opinion
Price:0.00
ALAG acting
30 Oct '16
ALAG in the news, they say there is no such thing as bad publicity, so we are getting a little assistance to the fundraising! Thanks John for doing this:

See http://www.*************.com/views/24893/breaking-afren-shareholders-seek-crowdfunding-to-pursue-directors-in-court
HELP HERE PLEASE
https://www.justgiving.com/crowdfunding/stewart-clough




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