Last checked at 24 Aug 2017 12:06
Press Release
24 August 2017
BOARD STATEMENT
Petrofac Limited ("Petrofac" or "the Company") announces that it has been informed by its Group Chief Executive Ayman Asfari (Mr Asfari) of administrative sanctions that have been made against him by the Italian National Commission for Companies and the Stock Exchange ("CONSOB") relating to a past personal dealing in securities of an Italian listed company.
CONSOB has alleged and determined that an executive of the Italian company passed inside information to Mr Asfari and that Mr Asfari subsequently acted on that information by trading in the securities of the Italian Company.
Mr Asfari has informed the Company that CONSOB's decision was made with no prior notification of the charges against him and he was not given the opportunity to defend himself. Mr Asfari has informed the Company he strongly refutes he was privy to any inside information, believes the decision to be wholly without merit, and is determined to contest the decision, and the process by which it was conducted, to the fullest extent possible.
The sanctions imposed by CONSOB on Mr Asfari comprise: an administrative fine of 300,000 Euros; a 12-month disqualification from taking up, inter alia, administrative, management or supervisory positions in any Italian listed companies; and an order confiscating property with a value of 385,000 Euros.
The Company understands that Mr Asfari has, through his legal advisers, already asked CONSOB to revoke its decision at the earliest opportunity on the basis he was not given the opportunity to present any defence and refute the charges. Absent any such revocation, the Company understands Mr Asfari intends to appeal the decision in accordance with Italian law and that he is providing CONSOB with documentation that substantiates his request.
Mr Asfari said: "I was shocked to receive this notification, and I informed the Company as soon as I was made aware. I absolutely reject this decision which was made entirely in my absence, affording me no opportunity to defend myself. I absolutely confirm that no communication ever took place as alleged and I was never in possession of inside information. I have instructed my lawyers to immediately appeal this decision and I am confident it will be overturned."
Rijnhard van Tets, Petrofac's Chairman, said: "The Board fully supports Ayman in his defence against this decision, the steps he is taking to prove that in no way did he act improperly, and his leadership of the Company at this difficult time."
The Board attaches a personal statement from Mr Asfari in connection with this issue.
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This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016
PERSONAL STATEMENT BY AYMAN ASFARI
"I was shocked and surprised to receive notification of the outcome of an investigation from CONSOB. The documentation revealed an investigation was launched by CONSOB into a transaction involving shares of a listed Italian company I made in 2012. It now appears there had been an unsuccessful attempt to notify me of the investigation back in mid 2016. I never received a notification from CONSOB with the notice of charges, therefore I did not have the chance to defend myself.
"Naturally, I would have responded immediately to the regulator and defended myself vigorously at the time, had I been notified of the investigation. Instead, the investigation followed its course with no input from me or my lawyers and I now welcome the opportunity to put the record straight. I will now provide evidence to the regulator showing their findings are completely unfounded. The premise of CONSOB's case was that I met with an Italian executive who provided inside information. I can show irrefutable evidence that such a meeting never took place, or any other communication at that time, and I can unequivocally confirm I was never in possession of any inside information.
"I look forward to this matter being resolved fairly and correctly once CONSOB is in possession of all the facts."
Ends
For further information contact:
Petrofac Limited
+44 (0) 207 811 4900
Jonathan Low, Head of Investor Relations
jonathan.low@petrofac.com
Jonathan Edwards, Investor Relations Manager
jonathan.edwards@petrofac.com
Alison Flynn, Group Head of Communications
alison.flynn@petrofac.com
+44 (0) 207 811 4913
Tulchan Communications Group
+44 (0) 207 353 4200
petrofac@tulchangroup.com
Andrew Grant
Martin Robinson
LEI 2138004624W8CKCSJ177
NOTES TO EDITORS
Petrofac
Petrofac is a leading international service provider to the oil and gas production and processing industry, with a diverse client portfolio including many of the world's leading integrated, independent and national oil and gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC).
Petrofac designs and builds oil and gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac's range of services meets its clients' needs across the full life cycle of oil and gas assets.
With around 13,500 employees, Petrofac operates out of seven strategically located operational centres, in Aberdeen, Sharjah, Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur and has a further 24 offices worldwide.
For additional information, please refer to the Petrofac website at www.petrofac.com.