Afren considers recouping cash from directors

AFREN, the oil and gas explorer that has suspended a number of board members including its chief executive and operations chief over “unauthorised payments” from third parties, has revealed it may look to recoup some of the cash involved from directors.

In its 2014 half year results, released last Friday after being delayed from the 4 August owing to the ongoing investigation, Afren stated “the company is currently assessing the potential for the recovery of unauthorised payments from the suspended directors.”

The investigation into the controversy continues at the African focused oil and gas explorer. It has major operations in Nigeria but has seen its share price smashed since the controversy began at the end of July, knocking over a third off the value of the company.

Initial suspension of chief executive Osman Shahenshah and operations chief Shahid Ullah at the end of July was followed last week by the suspension of associate directors Iain Wright and Galib Virani.

Afren said the independent investigation, led by by law firm Willkie Farr & Gallagher is expected to be completed this month, with an expanded review of $433m (£261m) on its last balance sheet to 30 June.

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