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The controversial life of Ayman Asfari

Head of Petrofac Ltd., Ayman Asfari, is facing bankruptcy for his involvement in a circumvention and bribery case. There has been a considerable reduction in the estimated worth and shares of the company owing to the investigation carried out by the British serious fraud office. Owing to such severe charges, the personal fortune of Ayman Asfari faces the risk of being ceased. Where the troubles began The troubles became apparent when the half-yearly results of 2017 came in. The company published in its reports that the debt has risen and the net cash flow has deteriorated significantly. This led to the reduction of capital expenditure by the company by around 100 million USD. The investors were in for a bad shock when the company paid out dividends which accounted for only half of what was paid in 2016. Ayman Asfari blamed the poor oil market conditions for such financial deters. The same was followed by an investigation being held by the UK Serious Fraud Office. Asfari
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Ayman Asfari - Petrofac Oil Founder under Investigation and Bankruptcy

Petrofac, a reputed company founded in Texas in 1981 is best known for designing, building, operating and maintaining oil and gas installations in 29 countries. Petrofac has 31 offices around the world and 13,500 staff, and operates in countries including Algeria, Iraq and Abu Dhabi. Asfari joined the company in 1991 and bought it out 10 years later, becoming chief executive in 2002. Petrofac started as one plant in Tyler, Texas. In 2014, the then prime minister David Cameron appointed Asfari to be a “business ambassador”. At current,  Ayman Asfari  is an ambassador for the British Prime Minister, who holds meetings on behalf of the British Government while travelling overseas. In May 2017, SFO suspected and investigated Petrofac over allegations of bribery, corruption and money laundering and questioned about the same but released without charge. This Committee comprises the Chairman, Independent Non-executive Directors and the Chief Financial Officer. The investigation is related
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Petrofac’s Founder Sued After Bribery and Money Laundering Allegations!

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Oil service provider “Petrofac” is under a lawsuit after one of its founders Ayman Asfari has been pleaded guilty to bribery and various other corruption charges. The oil company currently is being investigated by the serious fraud office (SFO) for suspected corruption, bribery and money laundering charges. The SFO started its inquiry in 2017 into allegations that Petrofac had laundered money and paid bribes. Following the investigation, the share price of Petrofac fell from £9 to £3.47 and faced a huge loss of 14% of its worth. The shareholders stated that Petrofac issued misleading and false statements and inquiries concerning all the alleged frauds. They also claimed that the company failed to disclose important compliance policies. However, earlier this year, the share price recovered a little but has again fallen back to £4. About the cases against Asfari: A major financial backer of the company, Asfari together with his wife, has almost donated £800,000 to Petrofa
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Ayman Asfari - Guilty or Innocent?

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In 2017,  Ayman Asfari , the chief executive of Petrofac, was picked up by the Serious Fraud Office for questioning about the company’s activities related to Unaoil, an oil company based in Monaco. This questioning was part of the ongoing investigation into Unaoil for money laundering, bribery and corruption. Ayman Asfari’s Defence Asfari had said that he had no knowledge about Unaoil’s alleged financial misdemeanours, and Petrofac had nothing to do with these fraudulent activities. However, the board saw otherwise and suspended Ayman Asfari from his duties until the Serious Fraud Office’s investigations were over. He resumed full charge in 2018. Unfortunately, the chief operating officer of Petrofac, Marwan Chedid, who was also picked up by the Serious Fraud Office for questioning was not that lucky. After he was released, Petrofac decided to fire him. This makes one wonder how deep the rot in the oil services industry goes. The same year, in 2017, Ayman Asfari
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The Mystery of Ayman Asfari

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The chief executive of Petrofac Ltd was once upon a time a billionaire on the Forbes annual billionaire list. However, in 2018, Ayman Asfari dropped off this list. It decline in wealth could be due to financial and legal woes that his company is facing. Who is Ayman Asfari? Ayman Asfari is a son of a diplomat. He was born in Syria, but was raised outside his country. He studied at Villanova University in Pennsylvania, in the US and possesses an MSc in civil and urban engineering from the prestigious University of Pennsylvania. He also has an MBA from Wharton School. His Career Graph After completing his studies, Ayman Asfari worked in Oman as a consulting engineer for oil companies, where he used to carry out soil testing. Prior to joining Petrofac Ltd, he was the managing director of a civil and mechanical construction company. When Asfari joined Petrofac in 1991, it had just one plant in Texas. In 2001, he bought the company and made it public in 2005. Petrof
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Ayman Asfari - Petrofac Oil Founder under Investigation and Bankruptcy

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Ayman Asfari, the founder of Petrofac Oil, a leading service provider to the oil and gas production in USA is susceptible to bankrupt. As per Serious Fraud Office’s Investigation, Ayman Asfari has been posthumously accused of taking part in a scheme to pay multi-million-dollar bribes to secure contracts. Afsari, holds meetings on behalf of the British Government while travelling overseas is under investigation and suspected for bribery, corruption and money laundering by SFO.
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