Petrofac Limited (LSE:PFC) said it will plead guilty to seven counts of failing to control employees in a Middle East bribery case brought by the Serious Fraud Office.
In a statement, the fabrication group said through a plea deal with the SFO it would accept the charges 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.
A sentencing hearing is scheduled to take place at Southwark Crown Court commencing on Monday 27 September 2021
Any penalty will be determined at the sole discretion of the Court, the statement added.
The offers or payments were made between 2011 and 2017, Petrofac said, adding that all employees involved in the charges had now left the business.
The company added it will make a further announcement following sentencing or any adjournment.
Chairman Rene Medori described the events as “a deeply regrettable period of Petrofac’s history.
“We are committed to ensuring it will never happen again.
“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.”
