Britain’s Serious Fraud Office (SFO) has said two former executives of collapsed oil company, Afren, were convicted on Wednesday of fraud and money laundering offences related to a $300 million oil business deal.
Former Afren Chief Executive, Osman Shahenshah, and former Chief Operating Officer, Shahid Ullah, had personally received more than $17 million and laundered $45 million, the SFO said in a statement.
The SFO had said last year that it would charge Shahenshah and Ullah with alleged fraud over payments received via secret companies relating to business deals in Nigeria.
Legal representatives for Shahenshah and Ullah, who were tried at Southwark Crown Court, were not immediately available for comment.