Afren reclaims $20m from dismissed directors

Africa-focused oil explorer Afren has successfully drilled its former chief executive and chief operating officer for more than $20m after they were dismissed for gross misconduct after receiving unauthorised payments.

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The FTSE 250 company said it has received a cash payment of $17.1m from former CEO, Osman Shahenshah, and former COO, Shahid Ullah, plus $3m to recoup legal costs.

As a result of a settlement agreement, the company has agreed not to pursue legal proceedings against the pair, who have also granted a non-competition covenant in favour of Afren.

Shahenshah and Ullah were suspended from work in late July last year as the company investigated claims they had received unauthorised payments from the group, before an independent review found them guilty and they were fired for gross misconduct.