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 was captured on account of such allegations but later got released without any charges.

The legal battles yet to be fought

In 2017, Ayman Asfari was captured on accusations of bribery; however, got released later with no charges. The same year saw him earning 300,000 Euros as a result of share price drop speculation which occurred due to the resignation of the CEO of the said company. This earned him a fine of 300,000 Euros and his assets valuing 385,000 were also seized. This incident led to a further decline in the cash flows of Petrofac and adversely affected in credit outlook. 

In the year 2018, Asfari finally paid the fine at an appeal held in Milan. He is hopeful of being cleared of all these accusations. Although he has faced defeat in the appeal that he filed in Rome, he plans on approaching the higher courts to get a clean chit. 


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