Afren, former executives settle rift over unauthorized payments

AFREN Plc has settled a dispute with its former Chief Executive Officer (CEO) and Chief Operating Officer (COO) who were fired after receiving payments without board’s approval.
The United Kingdom’s oil and gas explorer, which is currently on the trail of a Nigerian firm’s takeover talks, had secured $17.1 million from former CEO, Osman Shahenshah and $3 million from the COO, Shahid Ullah, in legal costs, before agreeing not to pursue the matter in court further. Continue Reading