Afren plc says that the Board has temporarily suspended the CEO, Osman Shahenshah and the COO, Shahid Ullah.
In the course of an independent review on the Board's behalf by Willkie Farr & Gallagher (UK) LLP of the potential need for disclosure of certain previous transactions to the market, evidence has been identified of the receipt of unauthorised payments potentially for the benefit of the CEO and COO. These payments were not made by the Company. The investigation has not found any evidence that any other Board members were involved.
No conclusive findings have yet been reached and the investigation is ongoing.
Egbert Imomoh has agreed to become Executive Chairman and the Board has appointed Toby Hayward, currently Senior Independent Director, as Interim CEO while the investigation continues.