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Ex-Afren executives sentenced for fraud, money-laundering

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Staff Writer | Tuesday October 30, 2018 4:11AM ET
Osman Shahenshah
Britain   Former Afren chief executive Osman Shahenshah

Two former executives of collapsed oil company Afren were sentenced to up to six years in prison on Monday after they were convicted of fraud and money laundering over a $300 million business deal, Britain's Serious Fraud Office (SFO) said.


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Former Afren chief executive Osman Shahenshah and former chief operating officer Shahid Ullah laundered more than $45 million, some of which was used to buy luxury properties in Mustique and the British Virgin Islands, the SFO said.

"The significant sentences reflect the seriousness of this fraud. Shahenshah and Ullah violated their duties and their employees, the board of directors and shareholders paid the price," Lisa Osofsky, the director of the SFO, said in a statement.

While the executives have been sentenced to a total of 30 years in jail, the terms will be served concurrently. Shahenshah, who was also the co-founder of Afren, will serve six years, while Ullah will serve five years, the SFO said.

 

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