Petrofac (PFC.L) agrees to a plea deal with the UK’s serious fraud watchdog

Petrofac, an oil services company, has reached a plea agreement with the UK fraud watchdog to close a long-running inquiry.

This London-listed company was the subject of an investigation by the Serious Fraud Office into suspected corruption, money laundering and bribery.

Petrofac pleaded guilty to seven charges of failing to prevent corruption in the Middle East.

The next hearing for the oil services group will be Monday at Southwark Crown Court.

The former global head for sales of the group, David Lufkin, pleaded guilty in January to three additional counts of bribery that were brought against him by SFO.

According to Westminster Magistrates Court, Lufkin paid bribes totalling $30m between 2012-2018 in order to steer contracts towards Petrofac in the United Arab Emirates for approximately $3.3bn.

These charges were added to 11 charges of bribery that the SFO had already brought against Lufkin in February 2019.

These bribes were also connected to the offering or payment of bribes to Petrofac to steer the awarding of contracts in Iraq to Petrofac worth more than $730m, and in Saudi Arabia to Petrofac worth more than $3.5bn.

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