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Foreign Corrupt Practices Act & Anti-Corruption

Oil company executives found guilty in U.K. of money laundering

UK Serious Fraud Office Anti-Money Laundering

According to the U.K Serious Fraud Office (SFO), the former CEO and CFO of Afren, Plc., an oil and gas exploration and production company, were sentenced in the UK on October 29 for their parts in a kickback scheme in Nigeria. The former CEO was sentenced to up to six years in prison, and the CFO to up to five years. The executives, Osman Shahenshah and Shahid Ullah, were found to have recommended that Afren enter a $300 million deal with an oil field partner in Nigeria without telling the company’s Board that they would personally receive 15% of the deal’s value from the partner. They then laundered more than $45 million, using some of the proceeds to buy luxury Caribbean real estate. The SFO thanked the U.S. DOJ for its assistance with the investigation.

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