Asfari

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