Petrofac Suspends Group Chief Operating Officer Amid SFO Investigation

Petrofac’s board has suspended its Group Chief Operating Officer, Marwan Chedid, until further notice, amid the Serious Fraud Office’s ongoing investigation into the company.

“These actions do not in any way seek to pre-judge the outcome of the SFO’s investigation,” Petrofac said in a statement on its website Thursday.

The decisions signal the board’s determination to cooperate fully with the SFO and its investigation, whilst ensuring Petrofac continues to deliver for its clients, Petrofac Chairman Rijnhard van Tets said in a company statement.

Petrofac has also set up a committee of the board to be solely responsible for the company's engagement with the SFO and to oversee the company's response to their investigation, Petrofac revealed. This committee comprises the chairman, independent non-executive directors and the chief financial officer.

Ayman Asfari will continue in his role as chief executive officer. To ensure full separation of operational duties and the investigation, he will not be involved in any matters connected to the investigation, and will have no role or responsibilities for engaging with or liaising with agents and consultants, Petrofac said in a company statement.

On May 12 the SFO confirmed that it is investigating the activities of Petrofac, its subsidiaries, and their officers, employees and agents, as part of the SFO’s ongoing investigation into the activities of Unaoil.

The company revealed that it has provided large volumes of information in response to very broad requests made under section 2 of the Criminal Justice Act 1987.

During 2016 the board of Petrofac commissioned an independent investigation, with the support of external advisors, into allegations in the media in relation to Unaoil. The Board shared the findings of this investigation with the SFO.

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