British oilfield services company Petrofac has pleaded guilty on seven counts of bribery committed to obtain projects in Iraq, Saudi Arabia and the UAE. A plea agreement was reached with the UK Serious Fraud Office (SFO).
In a statement on Sunday, Petrofact said: "Pursuant to this plea agreement, the company has today indicated guilty pleas to seven counts of failing to prevent former Petrofac group employees from offering or making payments to agents in relation to projects awarded between 2012 and 2015 in Iraq, Saudi Arabia and the UAE, contrary to Section 7 of the UK Bribery Act 2010. These offers or payments were made between 2011 and 2017. All employees involved in the charges have left the business."
A sentencing hearing is scheduled to take place at Southwark Crown Court commencing on September 27, 2021.
The statement further said the penalty will be determined at the sole discretion of the court, adding it may take into account "submissions by the company as to its ability to pay, along with the SFO’s recognition that Petrofac is a changed company with transformed leadership, personnel, compliance and assurance processes".
According to René Medori, Petrofac Chairman, said: “This was a deeply regrettable period of Petrofac’s history. We are committed to ensuring it will never happen again. We have fundamentally overhauled our compliance regime, as well as the people, and the culture that supports it. Our comprehensive programme of corporate renewal has been acknowledged by the SFO. Petrofac has been living under the shadow of the past, but today it is a profoundly different business, in which stakeholders can be assured of our commitment to the highest standards of business ethics, wherever we operate.”
Sami Iskander, Group CEO, said: “With my new management team we are rebuilding the company into a new Petrofac that’s relevant for the future, across both traditional and new energies, built on a foundation of the highest ethical standards.” --Tradearabia News Service