Institutional Shareholder Services has recommended that Petrofac investors abstain from voting to re-elect Ayman Asfari as CEO at the company’s AGM on Friday. The recommendation comes after a series of events in which Petrofac was accused by its own board and shareholders of mismanaging funds allocated for exploration projects and other non-core activities. Asfari has been fined for insider trading in Italy but is appealing against the decision.
Institutional Shareholder Services has recommended that Petrofac investors abstain from voting to re-elect Ayman Asfari as CEO at the company’s AGM on Friday. Petrofac is under investigation by the SFO for suspected bribery, corruption and money laundering as part of a broader investigation into Unaoil. Asfari has been fined for insider trading in Italy but is appealing against the decision.