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Afren PLC Share Chat (AFR)


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kenj
Posts: 1,568
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: 1,325
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: 1,876
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
kenj
Posts: 1,568
Observation
Opinion:No Opinion
Price:0.00
RE: any hope for afren
25 Sep '16
"And the worst thing is we knew damn well what the bod in concert with the institutions were doing but were unable to get the support to stop them."

I fully agree with you Whitespirit it was obvious what the BoD were doing. However, their job was made easier by the shareholder group ASOG's support for the CEO Alan Linn. The other directors resigned on mass the morning of the AGM, rather than face the ignominy of being voted down. Alan Linn who before being appointed CEO had been a consultant to the company when the restructuring plans were hatched, received nearly 88% of votes cast.

So a large majority of shareholders and many posters on here voted for a guy who had colluded in the planned wholesale transfer (theft) of the company's assets from the shareholders to a group of greedy bondholders. Booting Alan Linn out may not have saved Afren, and may have hastened the end, but appeasement rarely works either, as Nevile Chamberlain discovered 77 years ago.
whitespirit
Posts: 493
Off Topic
Opinion:No Opinion
Price:0.00
RE: any hope for afren
21 Sep '16
I wrote repeatedly to my mp before the collapse about the obvious fraud that was taking place in setting Afren up to fail and take the assets from the pi's. He was 'moderately' helpful but no more than that and tbh I hold no hope at all that we will ever see the guilty parties held to account. And the worst thing is we knew damn well what the bod in concert with the institutions were doing but were unable to get the support to stop them.
kenj
Posts: 1,568
Off Topic
Opinion:No Opinion
Price:0.00
RE: any hope for afren
19 Sep '16
Realistic21,
There is virtually no hope of receiving anything for your delisted shares. Shareholders are at the bottom of the pile for payments when a company is declared insolvent. The administrators have first pick, followed by the Inland Revenue, secured creditors, bond holders etc. Administration charges are so high, that the taxman will be lucky if he gets paid in full, shareholders I'm afraid have little or no chance.

The administrator is charged with keeping the company running, or selling it as a going concern if possible. Failing that he will sell off the assets, often at fire sale prices, and pay off the creditors (if there is anything left after extracting the administration charges). Afren will not rise from the ashes. It is far too late now, as some assets have already been sold.

Write off your shares and forget about them. In the unlikely event that the administrator does recover any money for shareholders he should contact you. The payment may however, be a pitiful 1 or 2p in the pound.

FWIW an article in today's Daily Mail stated that the Serious Fraud Office (SFO) is investigating the collapse of Afren. So the villains may one day face justice, but going on past SFO performance this could take years, and result in little more than a slap on the wrist for anyone deemed to have acted improperly.
realistic21
Posts: 55
Off Topic
Opinion:No Opinion
Price:0.00
any hope for afren
19 Sep '16
Is there any possibility any return for afren shareholders after administration ? Does anyone have any idea regarding this? Historically is any proven that after administration any company like afren is being listed again? or everything for afren shareholders is finished or ended up. Can I get clarification or explanation from any sensible persons?
tiny2
Posts: 5,262
Off Topic
Opinion:No Opinion
Price:0.00
RE: any hope for afren
18 Sep '16
Check out a post on the GKP at 8.25 am today .
realistic21
Posts: 55
Question
Opinion:No Opinion
Price:0.00
any hope for afren
18 Sep '16
Is there any possibility any return for afren shareholders after administration ? Does anyone have any idea regarding this? Historically is any proven that after administration any company like afren is being listed again? or everything for afren shareholders is finished or ended up. Can I get clarification or explanation from any sensible persons?




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