The day before the Serious Fraud Office went public with its investigation into Petrofac, the oil services group’s shares stood at 814½p, giving the FTSE 250 company a valuation of more than £2.8 billion. In the weeks after May 12, 2017, Petrofac’s shares lost more than half of their value, dropping as low as 349p as investors took fright at the implications, including the clear potential for lost business.
Petrofac’s main executives were interviewed under caution by the fraud office as part of its inquiry into allegations of bribery, corruption and money laundering relating to the company’s dealings with Unaoil, a Monaco-based consultancy. Ayman Asfari, the chief executive, had his duties temporarily restricted; Marwan Chedid, the chief operating officer, was suspended and subsequently left;