SFO Claws Back £5.5M From Convicted Oil Execs

Law360, London (July 31, 2020, 1:42 PM BST) -- The Serious Fraud Office clawed back £5.5 million ($7.23 million) on Friday from two former executives at the failed oil exploration company Afren PLC following their convictions on fraud and money laundering charges two years ago.

Former Afren CEO Osman Shahenshah owed the SFO in excess of £2.9 million following his conviction for fraud and money laundering. He and another former Afren executive had faced an additional eight years in prison if they did not pay a total of £5.5 million. (Simon Dawson/Bloomberg via Getty Images) Former Afren chief operating officer Shahid Ullah and former chief executive Osman Shahenshah surrendered the money...

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