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UPDATE 1-Oil explorer Afren suspends two associate directors
August 28, 2014 / 11:26 AM / in 3 years

UPDATE 1-Oil explorer Afren suspends two associate directors

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Aug 28 (Reuters) - Oil explorer Afren Plc suspended two associate directors for receiving unauthorised payments for the benefit of its chief executive and COO, who have already been suspended.

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 GMT. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Saumyadeb Chakrabarty)

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