{"id":2440,"date":"2015-01-02T18:42:23","date_gmt":"2015-01-02T17:42:23","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=2240"},"modified":"2018-11-23T14:22:05","modified_gmt":"2018-11-23T14:22:05","slug":"afren-recovers-over-17-million-from-former-ceo-coo","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/afren-recovers-over-17-million-from-former-ceo-coo\/","title":{"rendered":"Afren recovers over $17 million from former CEO, COO"},"content":{"rendered":"

Afren plc has announced that it has successfully secured, from its former CEO, Osman Shahenshah, and former COO, Shahid Ullah, a cash payment of US$17.1mn in relation to payments made to them that were not authorized by the Board, and as first announced<\/a> by the Company on 31 July 2014.<\/p>\n

In addition, the Company says it has secured a further US$3mn in respect of the costs to the Company relating to independent reviews conducted by Willkie, Farr & Gallagher, KPMG and certain legal costs.<\/p>\n

The statement also adds that Mr Shahenshah and Mr Ullah have also granted a non-competition covenant in favour of Afren.<\/p>\n

Following the payments the upstream oil and gas exploration and production company has entered in to settlement agreements with the two former executives which release them of claims relating to the unauthorised payments.<\/p>\n

That settled Afren has agreed not to pursue legal proceedings against Mr Shahenshah and Mr Ullah in connection with the claims relating to the unauthorized payments.<\/p>\n

In October<\/a> Afren fired the two employees\u2019 after its independent review into the receipt of unauthorized payments by members of management and senior employees found both executives of gross misconduct in particular the receipt of unauthorized payments from third parties.<\/p>\n

Afren is currently exploring for oil and gas in a number of countries in Eastern Africa including Kenya, Ethiopia, Madagascar, Seychelles and Tanzania with other exploration assets in other African countries including Nigeria, Ghana,C\u00f4te d’Ivoire, Congo Brazzaville and South Africa.<\/p>\n","protected":false},"excerpt":{"rendered":"

Afren plc has announced that it has successfully secured, from its former CEO, Osman Shahenshah, and former COO, Shahid Ullah, a cash payment of US$17.1mn in relation to payments made … Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":1691,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[59,63,354,430,518,528,875,1347,1564,1939,2289,2735],"class_list":["post-2440","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-afren","tag-africa","tag-bribes","tag-ceo","tag-coo","tag-corruption","tag-farr-gallagher","tag-kpmg","tag-middle-east","tag-osman-shahenshah","tag-shahid-ullah","tag-willkie","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/08\/afren-logo.png?fit=330%2C221&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-Dm","jetpack-related-posts":[{"id":1906,"url":"https:\/\/www.oilnewskenya.com\/index.php\/afren-fires-ceo-coo-and-associate-directors-after-corruption-investigations-report\/","url_meta":{"origin":2440,"position":0},"title":"Afren fires CEO, COO and Associate Directors after corruption investigations report","author":"Samuel Kamau Mbote","date":"October 14, 2014","format":false,"excerpt":"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\u2026","rel":"","context":"In "Oil Politics"","block_context":{"text":"Oil Politics","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/oil-politics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/08\/afren-logo.png?fit=330%2C221&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1870,"url":"https:\/\/www.oilnewskenya.com\/index.php\/afren-corruption-investigation-report-expected-in-mid-october\/","url_meta":{"origin":2440,"position":1},"title":"Afren corruption investigation report expected in mid-October","author":"Samuel Kamau Mbote","date":"October 6, 2014","format":false,"excerpt":"Afren an independent oil & gas company listed on the Main Market of the London Stock Exchange, with a diversified portfolio of production, development and exploration assets in 10 African countries and Kurdistan region of Iraq says it expects the report from the independent review being conducted by Willkie Farr\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/08\/afren-logo.png?fit=330%2C221&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1533,"url":"https:\/\/www.oilnewskenya.com\/index.php\/afren-suspends-ceo-coo-over-corruption-allegations\/","url_meta":{"origin":2440,"position":2},"title":"Afren suspends CEO, COO over corruption allegations","author":"Samuel Kamau Mbote","date":"July 31, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] Afren plc has announced that its Board has temporarily suspended the CEO, Osman Shahenshah and the COO, Shahid Ullah over corruption allegations. Afren says that the two have been identified as having received unauthorized payments potentially for their own benefit. \u201cIn the course of an independent review on\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/07\/shahensha.jpg?fit=232%2C200&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2784,"url":"https:\/\/www.oilnewskenya.com\/index.php\/afren-names-alan-linn-new-ceo\/","url_meta":{"origin":2440,"position":3},"title":"Afren names Alan Linn as new CEO","author":"","date":"April 7, 2015","format":false,"excerpt":"Afren has confirmed that Alan Linn who is currently acting as a consultant to the Board of has been appointed as Afren\u2019s new CEO and a director of the Company. 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