Petrofac suspends executive amid fraud probe

MONACO: Oilfield services provider Petrofac has suspended Chief Operating Officer Marwan Chedid until further notice after Britain’s Serious Fraud Office (SFO) questioned him as part of an investigation into Monaco-based Unaoil. Petrofac shares slumped as much as 17 per cent after the market opened on Thursday following the company’s statement, hitting their lowest since April 2009. The SFO launched a criminal investigation into Unaoil, its officers, employees and agents in July last year in connection with suspected bribery, corruption and money laundering. — Reuters