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 to the SFO’s ongoing investigation into the activities of Unaoil.
Recently, the the founder of Petrofac Oil, Ayman Asfari was alleged for bribery, corruption and money laundering. As per the reports by SFO, 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. The chief operating officer, Marwan Chedid, has also been interviewed under caution by SFO investigators.
After the announcement of investigation by SFO, the share market noticed fluctuation. The share price fell around 15% for Petrofac.Mr Asfari has strenuously denied any wrongdoing, but was ordered to pay more than €600,000 by Consob, the Italian regulator, last year after it concluded that he had received a tip-off from Mr Tali, as per The Times report.
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