(Reuters) – Two former executives of collapsed oil company Afren were sentenced to up to six years in prison on Monday after being convicted of fraud and money laundering over a $300 million (234 million pounds) oil business deal, Britain’s Serious Fraud Office (SFO) said.
Former Afren Chief Executive Osman Shahenshah and former Chief Operating Officer Shahid Ullah received more than $17 million and laundered $45 million, some of which was used to buy luxury properties in Mustique and the British Virgin Islands, the SFO said when the men were convicted last week.
“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 https://www.sfo.gov.uk/2018/10/29/osman-shahenshah-shahid-ullah-sentenced-to-30-years-for-afren-fraud-money-laundering in a statement.
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Adrian Croft)