Petrofac COO Marwan Chedid suspended amid fraud enquiry

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

Petrofac has suspended its chief operating officer, Marwan Chedid, following a corruption and bribery probe by Britain’s fraud squad.

The Serious Fraud Office (SFO) has previously announced that the firm is being investigated under suspicion of “bribery, corruption and money laundering” in relation to oil contractor Unaoil.

Petrofac has announced that Mr Chedid and chief executive Ayman Asfari had been arrested by the SFO and later released without charge.

Mr Chedid has now been suspended and, as a consequence, resigned from the board.

Mr Asfari will continue in his role, although he will not be involved in any matters connected to the investigation and will have “no role or responsibilities for engaging with or liaising with agents and consultants”, Petrofac said.

Chairman Rijnhard van Tets said: “These decisions signal the board’s determination to co-operate fully with the SFO and its investigation, whilst ensuring Petrofac continues to deliver for its clients.”

Share

Share on facebook
Share on twitter
Share on linkedin

Related News