on Friday acknowledged it had reached a plea agreement with the U.Okay.’s Serious Fraud Situation of labor in relation to an investigation into the firm’s failure to stop bribery.
The British energy products and companies firm acknowledged it would plead guilty to seven counts of failing to stop primitive Petrofac employees from offering or making payments to brokers all in favour of projects in Iraq, the United Arab Emirates and Saudi Arabia. The presents or payments were made between 2011 and 2017, the firm acknowledged.
A sentencing is scheduled to happen on the Southwark Crown Courtroom in London on Sept. 27, at which duration a penalty will most certainly be imposed on the sole discretion of the court docket, Petrofac acknowledged.
The court docket can resolve into sage the firm’s ability to pay, together with the SFO’s recognition that the firm has diverse leadership, personnel, and compliance and assurance processes for the reason that time of the misconduct, the firm acknowledged.
On Jan. 15, Petrofac’s primitive International Head of Sales David Lufkin pleaded guilty to costs referring to to irascible presents and payments price spherical $3.3 billion. Mr. Lufkin had also pleaded guilty to 11 diverse costs of bribery in Feb. 2019.
“Petrofac has been residing below the shadow of the past, but today it’s miles a profoundly diverse enterprise, in which stakeholders also can furthermore be assured of our dedication to the very best standards of enterprise ethics, wherever we feature,” Chairman
Write to Joe Hoppe at Joe.Hoppe@wsj.com
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