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Client reports itself to fraud authorities on basis of Wilkie Farr report
An African oil company whose share price collapsed by 97pc in the last year has reported itself to the Serious Fraud Office on the basis of a nearly-completed report from Wilkie Farr which raised questions about travel and accommodation expenses.
An African oil company has reported itself to the SFO underworld
Afren is in the process of setting up a restructuring agreement with its lenders. The company said that a report from Wilkie Farr & Gallagher had raised points 'regarding the hire of an individual within its operations in 2012 and the payment of certain travel and accommodation expenses connected to Afren’s activities'. The company said that, as well as notifying the Serious Fraud Office, it had 'taken steps to halt its previous practices in relation to such expenses payments'.
Committed
In the process of raising US$200 million from its bondholders, Afren is clearly under intense scrutiny. Its executive chair Egbert Imomoh said: 'The company takes its compliance with all laws extremely seriously and we are committed to ensuring that our business is not undermined by breaches of our internal policies or applicable legislation.' New York-based Wilkie Farr has eight offices including one in London (but none in Africa). Source: Financial Times
