Afren shares plummet as more board members are suspended
THERE WAS more woe for oil and gas explorer Afren yesterday, as its share price plummeted nearly 10 per cent on news it had suspended two more board members.
The new suspensions follow less than a month after it suspended its chief executive and operations chief, over an ongoing investigation into alleged “unauthorised payments”.
Afren said it had suspended associate directors Iain Wright and Galib Virani after being made aware of alleged payments received by the two men which are linked to previously identified alleged unauthorised payments for the benefit of chief executive Osman Shahenshah and operations chief Shahid Ullah.
The investigation, being carried out by law firm Willkie Farr & Gallagher, is still ongoing, but Afren stressed that none of the payments was made by the company.
Afren, with operations in Africa and the Middle East, will also reveal its half-year results today.
These had previously been due 4 August, but postponed until now because of the suspensions and ongoing investigation.