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Petrofac Ltd.

Company NamePetrofac Ltd.
Stock SymbolPOFCY

On May 25, 2017, Petrofac suspended its chief operating officer Marwan Chedid after a U.K. prosecutor said the Company hasn’t cooperated with a bribery probe. The Company has also brought on a “senior external specialist” and set up a new committee to oversee the response to the bribery investigation. Petrofac CEO Ayman Asfari and COO Marwan Chedid were arrested, questioned and released without being charged in connection with alleged bribes paid to secure lucrative contracts.

On this news, shares of Petrofac fell sharply, over 30%, during intraday trading on May 25, 2017.

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