United Kingdom: Petrofac ordered to pay $95m after admitting Middle East bribery

Petrofac must pay $95m in penalties for failing to prevent bribery after the UK oilfield services group pleaded guilty at Southwark Crown Court to seven offences in a plea deal with the Serious Fraud Office.

The company was handed a $64m fine and a $31m confiscation order on Monday over the offences, which relate to the payment of $44m in bribes to secure contracts in the Middle East worth $3.66bn.

Judge Deborah Taylor said the corruption had been “systemic, serious and grave” but took into account Petrofac’s co-operation and its precarious financial situation having required state-backed support during the pandemic.

The penalty was significantly lower than feared and does not bar the company from bidding for public contracts.

The original article can be found at ft.com

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