Petrofac Limited: Statement on resolution of SFO investigation (1235893)
24 September 2021 - 11:19PM
UK Regulatory
Petrofac Limited ( PFC) Petrofac Limited: Statement on
resolution of SFO investigation 24-Sep-2021 / 14:18 GMT/BST
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR),
transmitted by EQS Group. The issuer is solely responsible for the
content of this announcement.
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Press Release
24 September 2021
STATEMENT ON RESOLUTION OF SFO INVESTIGATION
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.
Pursuant to this plea agreement, the Company has today indicated
guilty pleas 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, Kingdom
of Saudi Arabia and the UAE, contrary to Section 7 of the UK
Bribery Act 2010. These offers or payments were made between 2011
and 2017. All employees involved in the charges have left the
business.
A sentencing hearing is scheduled to take place at Southwark
Crown Court commencing on Monday 27 September 2021. The Company
will make a further announcement following sentencing or any
adjournment.
The penalty will be determined at the sole discretion of the
Court. It may take into account submissions by the Company as to
its ability to pay, along with the SFO's recognition that Petrofac
is a changed company with transformed leadership, personnel,
compliance and assurance processes.
Chairman René Medori said: "This was a deeply regrettable period
of Petrofac's history. We are committed to ensuring it will never
happen again. We have fundamentally overhauled our compliance
regime, as well as the people, and the culture that supports it.
Our comprehensive programme of corporate renewal has been
acknowledged by the SFO. Petrofac has been living under the shadow
of the past, but today it is a profoundly different business, in
which stakeholders can be assured of our commitment to the highest
standards of business ethics, wherever we operate."
Group Chief Executive Sami Iskander said: "With my new
management team we are rebuilding the company into a new Petrofac
that's relevant for the future, across both traditional and new
energies, built on a foundation of the highest ethical
standards."
Petrofac, today, has a well-developed, comprehensive compliance
and governance regime. This is supported by a dedicated compliance
and investigations team, new systems and technologies, mandatory
training and a company culture based on ethical business conduct
and transparency. Its compliance regime is championed, supported,
and overseen at local, divisional and Board level, and supplemented
by regular independent verification. Agents are no longer used
other than where required by law and are subject to enhanced audit
and additional controls.
ENDS
This announcement contains inside information which is disclosed
in accordance with the Market Abuse Regulation which came into
effect on 3 July 2016.
For further information contact:
Petrofac Limited
+44 (0) 207 811 4900
Jonathan Yarr, Head of Investor Relations
jonathan.yarr@petrofac.com
Alison Flynn, Group Head of Communications
alison.flynn@petrofac.com
Tulchan Communications Group
+44 (0) 207 353 4200
petrofac@tulchangroup.com
Martin Robinson
NOTES TO EDITORS
Petrofac
Petrofac is a leading international service provider to the
energy industry, with a diverse client portfolio including many of
the world's leading energy companies.
Petrofac designs, builds, manages and maintains oil, gas,
refining, petrochemicals and renewable energy infrastructure. Our
purpose is to enable our clients to meet the world's evolving
energy needs. Our four values - driven, agile, respectful and open
- are at the heart of everything we do.
Petrofac's core markets are in the Middle East and North Africa
(MENA) region and the UK North Sea, where we have built a long and
successful track record of safe, reliable and innovative execution,
underpinned by a cost effective and local delivery model with a
strong focus on in-country value. We operate in several other
significant markets, including India, South-East Asia and the
United States. We have 9,400 employees based across 31 offices
globally.
Petrofac is quoted on the London Stock Exchange (symbol:
PFC).
For additional information, please refer to the Petrofac website
at www.petrofac.com
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ISIN: GB00B0H2K534
Category Code: MSCH
TIDM: PFC
LEI Code: 2138004624W8CKCSJ177
OAM Categories: 2.2. Inside information
Sequence No.: 122946
EQS News ID: 1235893
End of Announcement EQS News Service
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