The boss of the embattled oil services supplier Petrofac faces a showdown with investors. The advisory company Institutional Shareholder Services has recommended that investors abstain on Ayman Asfari’s re-election at the annual meeting on Friday. Petrofac is being investigated by the Serious Fraud Office for suspected bribery, corruption and money laundering. The probe is part of the SFO’s investigation into the Monaco-based consultancy Unaoil. As part of the case, Petrofac’s ex-head of sales, David Lufkin, 51, pleaded guilty to 11 counts of bribery over payments worth about $51m made to win contracts in Iraq and Saudi Arabia. Asfari, 60, has been fined for insider trading in Italy but is taking his case to appeal. Rene Medori, Petrofac’s chairman, backed Asfari. He said: “Ayman has the
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.