Chesapeake chief in perks row

Aubrey McClendon, the chief executive of Chesapeake Energy has borrowed as much as $1.1bn (£686m) over the last three years against his stake in thousands of company wells, Reuters said yesterday. The loans, used to fund McClendon's operating costs for a perk that offers him a chance to invest in a 2.5 per cent interest in every well the company drills, could represent a conflict of interest according to academics and analysts as the loans had not been fully detailed to shareholders. McClendon and Chesapeake denied any conflict.