Oil Explorer Afren Suspends CEO, COO Pending Investigation

Reuters

LONDON, July 31 (Reuters) – London-listed oil explorer Afren Plc said its board had temporarily suspended Chief Executive Osman Shahenshah and Chief Operating Officer Shahid Ullah pending an investigation into payments.

The company said in a statement to the regulatory service that a review for the board found evidence of "the receipt of unauthorised payments potentially for the benefit of the CEO and COO".

"These payments were not made by the company. The investigation has not found any evidence that any other board members were involved," Afren said in a statement.

"No conclusive findings have yet been reached and the investigation is ongoing," the statement added.

(Reporting by Huw Jones; editing by Jason Neely)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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