Ayman Asfari - Petrofac Oil Founder under Investigation and Bankruptcy

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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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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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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