30th Sep 2014 16:23
LONDON (Alliance News) - Afren PLC Tuesday said it now expects Willkie Farr & Gallagher (UK) LLP to deliver its detailed report into alleged evidence of unauthorised payments that were potentially for the benefit of some of its executives by mid-October, and so far the review hasn't uncovered any evidence of further unauthorised payments.
The oil and gas explorer and producer suspended Chief Executive Osman Shahenshah and Chief Operating Officer Shahid Ullah in late July pending an investigation into alleged evidence of unauthorised payments that were potentially for the benefit of those executives. The payments came to light in the course of Willkie Farr & Gallagher's independent review, commissioned by Afren's board, of the potential need for the company to disclose certain previous transactions to the market.
In August, Afren suspended associate directors Iain Wright and Galib Virani, who made the company's board aware that they had received payments which are linked to the previously identified unauthorised payments for the benefit of the CEO and COO.
In its statement Tuesday, Afren said Willkie Farr & Gallagher's review is thorough, progressing well, but is not yet finished.
"WFG has identified no evidence during the course of the expanded review of further unauthorised payments and the board remains of the view that the assets and operational position of the company have not been negatively affected," Afren said in the statement.
Afren shares closed up 1.5% at 103.50 pence Tuesday. Afren's statement came after the market close.
By Steve McGrath; [email protected]; @stevemcgrath1
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