Jonathan Fisher QC writes that Petrofac's real punishment has been served in the Middle East, not in London
The recent fine imposed on Petrofac by a criminal court in London for corrupt dealings is intended to send a clear message to the business community. But the real punishment suffered by the company has been inflicted by the impact of its conduct on its commercial dealings. Instead of benignly acquiescing in the receipt of […]
Commentary from a barrister in the field of business crime on how the Petrofac case could impact the future direction for the handling of business crime
This case is a departure from the recent practice of the SFO’s strategy of negotiating deferred prosecution agreements (“DPAs”) with companies avoiding any criminal convictions. Since the scheme was introduced in 2014, DPAs have been considered a welcome development for corporations in that they have enabled both sides to mitigate the risks and expense of […]
Former Petrofac employees made payments to influence the award of projects worth billions of dollars across the Middle East, the UK SFO says
Petrofac has reached a plea agreement with the UK Serious Fraud Office (SFO) and will plead guilty to seven bribery offences in relation to payments made for contracts across the Middle East. The SFO charged Petrofac with seven offences of failing to prevent bribery, as former employees who offered or made payments in relation to […]
ADNOC banned Petrofac from new projects following bribery charges brought against a former executive at the EPC giant
As the SFO trial began on Thursday, three Unaoil agents faced counts of conspiracy for allegedly bribing South Oil Company
This is the first conviction in the SFO’s probe into the company, and three other former employees face a criminal trial in six months
The company reported a 2% drop in its business performance net profit, and a $5.3bn in secured revenue for 2019.
Chen Tonghai found guilty by Chinese court of taking $28.66m in bribes
