London-listed company gets back funds from its former executives

An independent oil and gas company Afren plc, listed on the London Stock Exchange, announced that it had recovered £13 million from its two executives who were fired for unauthorized payments. This followed company’s decision to threaten them with legal action.

In autumn 2013, former chief executive and former chief operating officer of the company transferred cash from the company to themselves through a complex offshore scheme of British Virgin Islands and Bermuda companies, without the knowledge of the board.

After cash payment was received by Afren, it stated it was no longer preparing to sue the former executives.

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