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Director Appointments

Petrofac's suspended COO resigns

25 May 2017 09:22

Petrofac (PFC) confirmed that it had suspended chief operating officer Marwan Chedid until further notice, and that as a consequence he had resigned from the board.

Earlier in May, the Serious Fraud Office said it was conducting a probe into the company, related to Unaoil and other agents.

Chedid's resignation came as the company announced a number of decisions to ensure it could retain its focus on its operations and clients, whilst also ensuring it was able to continue to engage with the SFO's investigation.

"A Committee of the Board has been established to be solely responsible for the Company's engagement with the SFO and to oversee the Company's response to their investigation," said Petrofac.

"This committee comprises the chairman, independent non-executive directors and the chief financial officer," it added.

"Given the scale of the investigation the Committee has decided to engage a senior external specialist to oversee the Company's management of and response to the investigation. This person will also review the Company's compliance processes."

Petrofac added that Ayman Asfari would continue in his role as chief executive.

"To ensure full separation of operational duties and the investigation, he will not be involved in any matters connected to the investigation, and will have no role or responsibilities for engaging with or liaising with agents and consultants."

Chairman Rijnhard van Tets said: "These decisions signal the Board's determination to cooperate fully with the SFO and its investigation, whilst ensuring Petrofac continues to deliver for its clients." At 9:22am: (LON:PFC) Petrofac Ltd share price was -125.2p at 489.8p

Story provided by StockMarketWire.com

Related Company: PFC

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