Southwark Crown Court

Petrofac Limited: Statement on Final Outcome of SFO Investigation

Retrieved on: 
Monday, October 4, 2021
Serious Fraud Office (United Kingdom), Compliance, Southwark Crown Court, Carbon, Element, Court, Group, Company, MAR, History, Lead, SFO, GBP, Pharmaceutical industry, Audit

This concludes the Serious Fraud Office's investigation into the Company.

Key Points: 
  • This concludes the Serious Fraud Office's investigation into the Company.
  • We have taken responsibility, reformed and learned from these past mistakes, as acknowledged by the SFO and the Court.
  • Most importantly, the extensive work that we have done since the SFO investigation began means that the Petrofac of today has a comprehensive compliance and governance regime that meets or exceeds international best practice.
  • Petrofac is well positioned to support both, with the capabilities, experience, and expertise to deliver for our expanding customer needs.

Petrofac Limited: Statement on SFO investigation

Retrieved on: 
Friday, October 1, 2021
Court, Hearing, Company, Compliance, Southwark Crown Court, Board, SFO, MAR, Security (finance), Online gambling

As announced on 24th September, the penalty will be determined at the sole discretion of the Court.

Key Points: 
  • As announced on 24th September, the penalty will be determined at the sole discretion of the Court.
  • The Joint Submission to the Court by the Company and the SFO details a potential penalty of US$240 million prior to the application of any adjustment to the level of fine ("step back").
  • The Court may also take into account the SFO's recognition that Petrofac is a changed company with transformed leadership, personnel, compliance and assurance processes.
  • Its compliance regime is championed, supported, and overseen at local, divisional and Board level, and supplemented by regular independent audit.

Petrofac Limited: Statement on resolution of SFO investigation

Retrieved on: 
Friday, September 24, 2021
Compliance, Southwark Crown Court, Culture, Court, Board, Group, Company, LRN (company), Hearing, MAR, Ethics, SFO, Pharmaceutical industry

Petrofac Limited (the 'Company' or 'Petrofac') announces that it has reached a plea agreement with the UK Serious Fraud Office (SFO) in relation to its investigation into the Company's historical use of agents.

Key Points: 
  • Petrofac Limited (the 'Company' or 'Petrofac') announces that it has reached a plea agreement with the UK Serious Fraud Office (SFO) in relation to its investigation into the Company's historical use of agents.
  • A sentencing hearing is scheduled to take place at Southwark Crown Court commencing on Monday 27 September 2021.
  • Agents are no longer used other than where required by law and are subject to enhanced audit and additional controls.
  • This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016.