Afren Reveals Settlement Of Claims Against Former CEO & COO - Quick Facts

(RTTNews) - Africa-focused oil and gas company Afren Plc (AFRNF.PK, AFR.L) has secured, from its former Chief Executive, Osman Shahenshah, and former Chief Operating Officer, Shahid Ullah, a cash payment of $17.1 million regarding payments made to them that were not authorised by the board, and as first announced by the company on July 31, 2014. Further, the company secured a further $3 million in respect of the costs to the company on independent reviews conducted by Willkie, Farr & Gallagher, KPMG and certain legal costs. Shahenshah and Ullah have also granted a non-competition covenant in favour of Afren. Afren has reached settlement deals with Shahenshah and Ullah which release them of claims regarding the unauthorized payments. Hence, the firm would not pursue legal proceedings against Shahenshah and Ullah in relation with the claims relating to the unauthorised payments.