UK Petrofac court ruling slips to October 1
UK engineering firm Petrofac will now face sentencing October 1, following its plea agreement with the UK Serious Fraud Office (SFO) in relation to its investigation into the company’s historical use of agents.
It was to have happened September 27, but slipped following court rescheduling.
The company pleaded guilty 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 United Arab Emirates, contrary to the UK Bribery Act 2010.
All employees involved in the charges have left the business.
Since the offences, committed during what its chairman described as a "deeply regrettable period of Petrofac's history," the SFO has recognised that Petrofac is a changed company with transformed leadership, personnel, compliance and assurance processes. The company has fundamentally overhauled its compliance regime, as well as the people, and the culture that supports it, Petrofac said.
CEO Sami Iskander said he and his team were rebuilding the company into a new Petrofac that is relevant for the future, across both traditional and new energies, built on a foundation of the highest ethical standards.