Aug 28 Oil explorer Afren Plc suspended
two associate directors for receiving unauthorised payments for
the benefit of its chief executive and COO, who have already
Shares in the FTSE-250 company fell as much as 4
percent to 106.1 pence on the London Stock Exchange.
The suspensions are part of an ongoing investigation by
Afren's board into the receipt of unauthorised payments.
Iain Wright and Galib Virani told the board they had
received payments connected to previously identified
unauthorised payments to benefit the CEO and chief operating
officer, the company said.
Afren had suspended CEO Osman Shahenshah and COO Shahid
Ullah last month, and delayed the announcement of its results.
The board said on Thursday that neither the suspensions nor
the review would affect the company's results. Afren is
scheduled to report first-half results on Friday.
Afren last week said it suspended output at its Barda Rash
oilfield in Iraqi Kurdistan, the first field to shut in the
region as Islamist militants advance closer.
The oil producer, whose main assets are in Nigeria, also
operates in Kenya.
Afren shares were down 3.5 percent at 106.6 pence at 1102
(Reporting by Abhiram Nandakumar in Bangalore; Editing by