Oil company under fire for investing in private jet and other luxuries

Updated: June 11, 2013

Petrofac, an oil services company, invested $1.5-million for a private jet for its top executive. The company also spent $189,000 for “client entertainment” provided by one of its executive businesses last year.

Petrofac has been struggling in the stock market as of late. And the excessive expenditures might prove to be a big problem.

Investors have started questioning whether the company’s luxury expenses are appropriate.

With regard to investing in a private jet, the company says it is justifiable because it does business in far-flung territories—where commercial flights aren’t readily available.

Source: BelfastTelegraph.co.uk

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