Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 10-day trial to continue exploring with full access.

SFO charges Afren executives with money laundering and fraud

Jaclyn Jaeger | September 29, 2017

The U.K. Serious Fraud Office said that it is conducting a criminal investigation into oil and gas exploration company, Afren, concerning secret agreements with their joint venture partners in Nigeria.

Afren's former chief executive officer, Osman Shahenshah, and former chief operating officer, Shahid Ullah, were both charged with fraud and money laundering offences before Westminster Magistrates Court, on 27 September 2017.

Shahenshah and Ullah have both been charged with the following offences:

  • Two counts of fraud by abuse of position, contrary to sections 1 and 4 of the Fraud Act 2006;
  • One count of money laundering, contrary to section 328 of the Proceeds of Crime Act 2002; and
  • One count of money laundering, contrary to section 329 of the Proceeds of Crime Act 2002.

Shahenshah and Ullah... To get the full story, subscribe now.