2 Directors banned "Former Alfren boss Osman Shahenshah and his chief operating officer have each been banned from running a UK company for 14 years for failing to declare their financial interest in deals involving the collapsed oil exploration company."[link] may be of interest. They have been disqualified from acting as Directors by the UK Insolvency Service but still face charges for fraud and money laundering in September.
Re: SFO This court case is against two directors who were suspended long before Afren collapsed. The new board reported the non standard payment methods to the SFO to draw attention away from the real cause of Afren's collapse, ie: themselves.Osman ans Shahid may have broken the rules, but it was not them who stole the company from the shareholders. The SFO are wasting their time on technicalities, rather than investigating a mammoth fraud.This old, but detailed post paints a very different picture.[link]
SFO The former chief executive Osman Shahenshah and chief operating officer Shahid Ullah were charged at Westminster magistrates court earlier this week with criminal offences relating to the alleged £45 million fraud that led to Afren's collapse. The two allegedly struck a secret deal in 2013, whereby a Nigerian company agreed to pay 15% of the cash flow from an oilfield over four years to an offshore entity controlled by the two (as reported in the Financial Times).
Re: ALAG acting I am back in Afren OPL 310 in an attempt to get back losses via LEKOil.
Re: ALAG acting Well Tom Winnifrith did call this one right..... on his death list June 2015.
ALAG acting BREAKING: Afren Shareholders seek crowdfunding to pursue directors in CourtTom Winnifrith | Sunday 30 October 2016I do not hold out much hope for this bunch and they should have heeded my oft repeated advice to sell their shares instead of insulting me. However it seems as if some Afren (AFR) shareholders want to fight on and nail the directors. In that - since I instinctively have no time for City fat cats I wish the Afren Legal Action Group (ALAG) the best of luck and if they can make the lives of directors who earned a fortune but failed more miserable this Christmas that has to be a good thing don't you think? ALAG has written to its members thus: We need to move and we have a legal firm happy to act. As you know Afren plc is now in administration, and we are concerned that we will not get any of our investment back. An offer was made to buy the company shortly before its administration (the Offer, but it was rejected by the directors (who were advised as such by the bondholders) and subsequently also by the administrators. We met recently a new company that claimed to have offered 30% debt cut, around $800m to buy Afren and commitments to drill wells to increase production.We believe that the Offer should have been accepted (or at least seriously considered), and we feel that the directors and subsequently the administrators did not act in accordance with their duties in rejecting the same. Presumably we are interested in bringing a claim against the directors and/or the administrators for the damage that my fellow shareholders have suffered as a result of the Offer not being accepted (i.e. flowing from the directors/administrators breaches of duty).We would like to explore the possibility of making a pre-action disclosure application to the court. Presumably and based on the information we have we hope this will shed some light on the decisions taken by the directors and subsequently the administrators to reject the Offer.In any event, an application to the court should really be the last resort in these circumstances. We have been suggested in the first instance writing to the directors and the administrators and asking them for a full explanation of why they rejected the Offer, and for any supporting documentation (including relevant contemporaneous communications). If this request is unsuccessful, or the directors and administrators comply but the result falls short of what we require, we can then consider making an application to the court. The fact that a document request has been made of the proposed defendants should assist with such an application, as may any information that is obtained from the same.A legal firm could prepare the initial document request for us, and they could act on our behalf as the matter progresses.Please also let me know if you have any questions. We will share thee details of the legal firm in due time. We need funding for this strategy, around 1% of our loses.Any help will be highly appreciated.Help raise £50000 to finance the Legal Expenses of our claim to recover losses incurred by Afren Legal Action Group's members resulting from Afren's collapse.go to just giving dot com and search for Afren
AIM NOMADS et al - A Must Listen For all AFR investors you must listen to:File on 4 - Little Brother's Big Secrets - BBC iPlayer (Radio) 8pm Tue 27th Sep. Whilst not mentioning AFR directly this is very interesting. I'll say no more. Tune in.
Re: Dead duck?? A rather belated reply, but yes it is all over as far as Afren is concerned, and shareholders have little or no chance of receiving any money for their delisted shares.However, FWIW an article in today's Daily Mail stated that the Serious Fraud Office (SFO) is investigating the collapse of Afren. So the villains may one day face justice, but going on past SFO performance this could take years, and result in little more than a slap on the wrist for anyone deemed to have acted improperly.
Dead duck?? Is this over or is there any hope left?
ALAG If any shareholder, company official or interested party in Afren PLC can provide any factual information of any event involving the company that they feel should be reported to the regulatory authorities or has unnecessarily damaged the value of the company, please can they collate the information and forward it accordingly to afrenlegalaction at yahoo com asap Thanks
Re: Lekoil and its Assets? Ref Lekoil RNS dated 1.12.2015"Acquisition of Afren's Participating Interest in OPL 310"This was reported last year supposedly after the court put a hold on asset sales? It looks like the most potentially valuable Afren asset has already been lost for $13 mill?Any information comment?
Re: The trial judge, O.A. Adamson More in March according to our sources.
Re: The trial judge, O.A. Adamson What's the current status of the trial please?
Re: Advice from a Yell Shareholder. I tried to get the SFO interested in the BoD of AFF who basically got a $2.5 million cash bung for recommending a TO. They ignored me for two years until I sent them a Freedom of Information request asking for the internal correspondence that my information had generated.They told me that the correspondence was 'sensitive', i.e. they didn't want to show me that they had done nothing. However, this did lead to them giving me a response to the issues I had raised.You could try using the FOI Act with the FCA to try and force them into a response.
Re: Advice from a Yell Shareholder. Firstly, thank you very much for your input and advice. The sad thing is, the FCA and SFO seldom take any action against ye perpetrators, even when the evidence is stuffed under their noses. The so called administration administered often just as bad as the insolvent company, if not worse. It's a bit like a poacher killing an endangered species, people know it goes on yet unless they catch them with their finger on the trigger they do nothing, the corpse gets left to rot and the other animals take it in turn to strip what's left of the carcass until it's just bones. We can only hope that Karma works it's magic on the guilty ones and at some stage in their life's they too experience what they dished out.Good luck all.3D