Serious Fraud Office
Printable version

Ex-CEO and COO of collapsed oil giant, Afren Plc, charged with Money Laundering and Fraud over $400m Nigerian business deals

Today the Serious Fraud Office will bring charges against the ex-Chief Executive Officer and Chief Operating Officer of former FTSE 250 oil and gas exploration company, Afren Plc.

Osman Shahenshah and Shahid Ullah stand accused over payments they received via secret companies they controlled relating to over $400m of Nigeria business deals.

The alleged fraud is claimed to have led to the collapse of the $2.6bn oil giant by their administrators, who in related civil claims are seeking damages in excess of $500m from the defendants and a Nigerian associate.

Shahenshah and Ullah will appear at Westminster Magistrates’ Court tomorrow, charged with the following offences:

  • Two counts of fraud by abuse of position, contrary to sections 1 and 4 of the Fraud Act 2006.
  • One count of money laundering, contrary to section 328 of the Proceeds of Crime Act 2002.
  • One count of money laundering, contrary to section 329 of the Proceeds of Crime Act 2002.

Case updates will be available on our website.

Notes to editors:

  1. The SFO opened its investigation into Afren Plc in June 2015. It has not been previously announced.
  2. Osman Shahenshah was the Chief Executive Officer, Shahid Ullah was the Chief Operating Officer of Afren Plc
  3. Afren Plc was an oil and gas exploration and production company, founded in 2004. The company is now in administration.
  4. The strict liability rule in the Contempt of Court Act 1981 applies.

Related Cases

Afren Plc

 

Channel website: https://www.sfo.gov.uk/

Original article link: https://www.sfo.gov.uk/2017/09/26/ex-ceo-and-coo-of-collapsed-oil-giant-afren-plc-charged-with-money-laundering-and-fraud-over-400m-nigerian-business-deals/https://www.sfo.gov.uk/2017/09/26/ex-ceo-and-coo-of-collapsed-oil-giant-afren-plc-charged-with-money-laundering-and-fraud-over-400m-nigerian-business-deals/

Share this article

Latest News from
Serious Fraud Office

Making Change Happen