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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 As...
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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. As...
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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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