Oil Producer Afren Fires CEO, 3 Other Execs In Scandal

Reuters

Oct 14 (Reuters) - British oil and gas producer Afren Plc sacked its chief executive, chief operating officer and two associate directors after an independent review into unauthorised payments found evidence of "gross misconduct".

Shares in the company rose as much as 6.6 percent on Tuesday morning, which an analyst said was mainly on the conclusion of the review and that the incidents would not affect Afren's operations.

The probe also found that seven more current and former employees also received payments and Afren said it had begun disciplinary action against these employees.

Afren said it would start legal proceedings against founder and CEO Osman Shahenshah, COO Shahid Ullah and associate directors Iain Wright and Galib Virani to recover money related to the payments.

The dismissed executives could not be immediately reached for comment.

Oriel Securities analyst Dragan Trajkov said the conclusion of the review and the lack of a material impact was positive.

"Although failing to comply with some of the listing rules could result in further fines from FCA, we believe the market has already punished the company for it," Trajkov said in a note.


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