The former chief executive officer (CEO) and ex-chief operating officer (COO) of the collapsed FTSE 250 oil and gas exploration company Afren are due in court today to face money laundering and fraud charges relating to over $400m (£299m) of Nigerian business deals
The Serious Fraud Office (SFO) has announced it is bringing the charges following an investigation which began in June 2015 but was not previously announced.
Afren’s ex-CEO Osman Shahenshah and and ex-COO Shahid Ullah will appear at Westminster Magistrates’ Court later today. The SFO said they stand accused over payments they received via secret companies they controlled relating to over $400m of Nigerian business deals.
The alleged fraud is claimed to have led to the collapse of the $2.6bn oil giant by their administrators, who in related civil claims are seeking damages in excess of $500m from the defendants and a Nigerian associate.
Shahenshah and Ullah are charged with two counts of fraud by abuse of position and two separate counts of money laundering.
Report by Pat Sweet
