Afren Suspends CEO, COO After Probe Into Unauthorized Payments
2014-07-31 06:51:21.446 GMT
By Alex Devine
July 31 (Bloomberg) -- Afren Plc, a U.K. explorer of oil in
Africa and northern Iraq, suspended Chief Executive Officer
Osman Shahenshah and Chief Operating Officer Shahid Ullah after
an investigation into unauthorized payments.
The payments weren’t made by the company and the probe
didn’t find evidence that other board members were involved, the
London-based explorer said today in a statement.
Egbert Imomoh will become executive chairman, and the board
appointed Toby Hayward, currently senior independent director,
as interim CEO while the investigation continues.
Half-year earnings, scheduled for Aug. 4, have been
postponed with a new date to be announced by the end of August.
For Related News and Information:
Afren May Have Used Poor Judgement in Nigeria Deal: Westhouse
NSN MO6HAJ6S972G <GO>
Top Stories: TOP<GO>
To contact the reporter on this story:
Alex Devine in London at +44-20-3525-4058 or
adevine3@bloomberg.net
To contact the editors responsible for this story:
Will Kennedy at +44-20-7073-3603 or
wkennedy3@bloomberg.net
Tony Barrett, Ana Monteiro
2014-07-31 06:51:21.446 GMT
By Alex Devine
July 31 (Bloomberg) -- Afren Plc, a U.K. explorer of oil in
Africa and northern Iraq, suspended Chief Executive Officer
Osman Shahenshah and Chief Operating Officer Shahid Ullah after
an investigation into unauthorized payments.
The payments weren’t made by the company and the probe
didn’t find evidence that other board members were involved, the
London-based explorer said today in a statement.
Egbert Imomoh will become executive chairman, and the board
appointed Toby Hayward, currently senior independent director,
as interim CEO while the investigation continues.
Half-year earnings, scheduled for Aug. 4, have been
postponed with a new date to be announced by the end of August.
For Related News and Information:
Afren May Have Used Poor Judgement in Nigeria Deal: Westhouse
NSN MO6HAJ6S972G <GO>
Top Stories: TOP<GO>
To contact the reporter on this story:
Alex Devine in London at +44-20-3525-4058 or
adevine3@bloomberg.net
To contact the editors responsible for this story:
Will Kennedy at +44-20-7073-3603 or
wkennedy3@bloomberg.net
Tony Barrett, Ana Monteiro