The Serious Fraud Office (SFO) has won orders confiscating £5.45 million from former Afren executives.
London-listed Lekoil was the victim of a scam that has all the hallmarks of a classic advance fee fraud case, the company admitted at the close of January 13.
Two former bosses at oil business Afren have been convicted of fraud and money laundering, according to the Serious Fraud Office (SFO).
The former executives of collapsed oil firm Afren are facing money laundering and fraud charges following a two-year investigation by the Serious Fraud Office (SFO).
An investigation could be launched by the Serious Fraud Office (SFO) into the collapse of an oil company which had been advised previously by a Tory MP.
Administrators of UK oil explorer Afren have raised more than £300,000 from the sale of African artwork owned by the company. The array of Nigerian artwork was put up for auction at Bonhams after the company began experiencing trouble earlier this year. Two months ago the Financial Conduct Authority (FCA) said it had cancelled trading shares from the company on the London Stock Exchange.
Shares in scandal-hit oil producer Afren have been cancelled from trading on the London Stock Exchange at the request of the company.
Afren has suspended its shares amidst continued uncertainty over its financial position. The company said its shares were suspended by the Financial Conduct Authority at its request. It comes after an ongoing business review showed near-term production was set to be “materially lower” than previous estimates given alongside its proposed restructuring in March.
Afren has agreed in principle to appoint a new chief executive. It comes after the company's former chief executive and chief operating officer were fired, amid claims of gross misconduct and unauthorised payments. Alan Linn, who is currently a consultant to Afren's board, will take up the role.
Oil producer Afren has seen a boost in its shares following a preliminary offer from Seplat Petroleum Development. The company’s shares rose 10.5% on the London Stock Exchange to 50.82pence. The company’s shares rose 10.5% on the London Stock Exchange to 50.82pence.