Afren plc has announced that Willkie Farr & Gallagher (UK) LLP has completed its independent review into the receipt of unauthorised payments by members of management and senior employees.
In connection with the conclusion of this review, the Company has decided to terminate the employment and directorships of Osman Shahenshah and Shahid Ullah with immediate effect.
The decision to terminate the employment and directorships of Mr Shahenshah and Mr Ullah for gross misconduct was based on evidence identified by WFG of breaches by Mr Shahenshah and Mr Ullah of their obligations to Afren as employees and directors, in particular the receipt of unauthorised payments from third parties.
The Board has instructed counsel to commence legal proceedings against Mr Shahenshah and Mr Ullah, if necessary, to recover sums in respect of such unauthorised payments.
Afren adds that its Board has commenced an executive search for the replacement of senior executives and an update on this will be provided in due course.
Following the dismissal of Osman Shahenshah, Egbert Imomoh remains Executive Chairman and Toby Hayward Interim-CEO.