United Kingdom: Scots energy giant Wood Group earmarks £141m to deal with bribery cases

AN Aberdeen-based energy services giant Wood Group has earmarked $196m (£141.3m) to settle bribery cases – as it emerged a subsidiary is paying back £6.4m contracts in central Asia.

The Crown Office in Scotland has confirmed that a Wood Group subsidiary WGPSN self-reported involvement in bribery to secure contracts in Kazakhstan.

The Civil Recovery Unit is to recover the money under proceeds of crime legislation after the company accepted it had benefitted from unlawful conduct.

Energy company WGPSN admitted that one of its subsidiaries, PSNA Limited, had benefitted from payments made to Monaco-based Unaoil to secure contracts in Kazakhstan.

The Wood Group, built by Sir Ian Wood in 1982 before he retired in 2012, had expected, as of December 2019, a figure of $46m to settle bribery matters involving authorities in the US, Brazil and the UK, but has now revealed it expects to pay more than four times that amount.

The company has been under investigation by the Serious Fraud Office (SFO) over the link between Amec Foster Wheeler, which Wood acquired in 2017, and Unaoil, which has been the subject of a probe since 2016.

The original full article can be found at heraldscotland.com

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