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