Belfast Telegraph

Friday 28 November 2014

Petrofac investors question $1.5m bill for private jet

Oil services company Petrofac spent $1.5m (£1m) on its boss's private jet and a further $189,000 on "client entertainment" provided by one of its own executives' businesses last year, The Independent revealed.

The company only disclosed the spending deep in the bowels of its 170-page annual report. They can be found on page 141.

While Petrofac's shares have struggled recently, it has been one of the FTSE 100's best performing shares over last five years. But investor groups have questioned whether the spending is appropriate.

While it is true the company does business in some far flung territories where commercial flights are not readily available, they have queried its use of an executive's jet "owned by an offshore trust of which group chief executive Ayman Asfair is a beneficiary".

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