Petrofac News 1700X397
24 January 2018

Board statement

Petrofac Limited ("Petrofac" or "the Company") announces that it has been informed by its Group Chief Executive Ayman Asfari (Mr Asfari) that the UK High Court of Justice has today handed down a judgment that Mr Asfari was not served process in connection with the administrative sanctions made against him by the Italian National Commission for Companies and the Stock Exchange ("CONSOB"), and therefore has ordered that the Certificate of Service relating thereto should be set aside and annulled.

The UK High Court order will be served on CONSOB, who will have seven days following service to apply to set aside or vary the judgment. Mr Asfari continues to refute all of the charges made against him and is engaged in appeal proceedings in Italy.

Rijnhard van Tets, Petrofac's Chairman, said: "The Board has supported Ayman in his defence from the outset and this decision confirms his assertion that due process was not followed. We hope that a swift conclusion will now be reached to prove that in no way did Ayman act improperly.”

The Board attaches a personal statement from Mr Asfari in connection with this issue.

“I welcome today’s ruling from the High Court which confirms, as I have stated from the outset, that I was never served the CONSOB notice of charges against me, and consequently I was never given the chance to defend myself.

“I have always emphatically maintained that I have done nothing wrong. Whilst I am pleased with today’s decision by the UK courts, I have also commenced an appeal process in the Italian courts on both the merits and the procedure of the case, in which I have set out my defence and the evidence that supports it, and will continue to pursue vigorously the fair and swift resolution of this issue in full.”