The former chief executive officer and the ex-chief operating officer of former oil company Afren have been charged with money laundering and fraud.
Osman Shahenshah and Shahid Ullah are both charged with two counts of fraud and two of money laundering. The charges relate to Nigerian business deals totalling more than $400m that involved Afren; a former FTSE 250 oil and gas exploration company.
The alleged fraud led to the collapse of the $2.6 billion oil giant, according to administrators; who are seeking more than $500M damages from the defendants and an associate.
While we must wait for a trial to determine the liability of these two men for the company’s downfall, there can be little doubt that Afren paid the ultimate price for failing to introduce or properly enforce preventative measures. Without such measures, there is always the potential for crime to flourish.
Read our article: MAKING SURE YOU DO ENOUGH TO PREVENT MONEY LAUNDERING