Shares in Petrofac (PFC) have suffered further collapse, after the oil services group suspended veteran chief operating officer Marwan Chedid amid a deepening Serious Fraud Office (SFO) investigation into the company’s work in Kazakhstan between 2002 and 2009.
Earlier this month Petrofac revealed the criminal agency had interviewed Mr Chedid and chief executive Ayman Asfari under caution as part of the SFO’s wider investigation into Monaco-based fixer Unaoil. No charges have been brought, and Mr Asfari will continue in his role on the condition he has no involvement in the investigation “and will have no role or responsibilities for engaging with or liaising with agents and consultants”. The board has also formed a separate committee for dealing with the SFO, supported by an external specialist.
What’s more, the SFO rejected the findings of an external investigation commissioned by Petrofac last year, and told the company it had not co-operated with the investigation. The shares plummeted following the revelations, and have now halved in a month.
