Afren shares inch up as it informs Serious Fraud Office of expense payment concerns

Lynsey Barber
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Afren shares have plummeted in recent months (Source: Getty)

Troubled oil firm Afren has notified the Serious Fraud Office of concerns over expenses payments thrown up by a review by its legal advisers.

Afren said the concerns arose from work by its law firm Willkie Farr & Gallagher "regarding the hire of an individual within its operations in 2012 and the payment of certain travel and accommodation expenses connected to Afren's activities".

The oil company has informed the Serious Fraud Office and its lenders. It also said it has "taken steps to halt its previous practices in relation to such expenses payments".

"The company takes its compliance with all laws extremely seriously and we are committed to ensuring that our business is not undermined by breaches of our internal policies or applicable legislation," said executive chairman Egbert Imomoh.

It's the latest in a string of troubles for the oil firm, whose share price has plummeted, leaving shareholders holding just 11 per cent of the company after the refinancing agreement.

Afren shares opened four per cent down on Friday's close of 3.25 pence per share but recovered, inching up slightly to 3.53 pence per share at pixel time.

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