It didn’t take long for news that a former executive at Petrofac had pleaded guilty to three further charges of bribery to translate into a sharp fall in the oilfield services group’s share price.On
Petrofac shares sink after former executive pleads guilty to $30m Abu Dhabi contracts bribe
Shares in Petrofac are down 20 per cent today after its former global head of sales pleaded guilty to further bribery charges.
David Lufkin pleaded guilty in Westminster Magnistrates Court to another three counts of bribery in charges brought aginst him by the Serious Fraud Office (SFO).
Lufkin offered and paid bribes of around $30m between 2012 and 2018 to steer contracts toward his employer Petrofac in the United Arab Emirates worth approximately $3.3bn.
These charges are in addition to eleven charges of bribery already brought by the SFO, to which Lufkin pleaded guilty in February 2019.
The bribery scandal at Petrofac deepened last night when a former senior executive at the oil services group pleaded guilty to three offences related to $3.3 billion of work that it secured in the
Former Petrofac Executive Pleads Guilty To Bribery Offenses
LONDON (dpa-AFX) - The U.K. s Serious Fraud Office said that a former employee of Petrofac has admitted additional charges under the UK Bribery rule. The charges relate to three contract awards in the UAE in 2013 and 2014.
Petrofac confirmed that no charges have been brought against any Group company or any other officers or employees.
A small number of former Petrofac employees are alleged to have acted together with the individual concerned, although none have been charged. No current Board member of Petrofac is alleged to have been involved, Petrofac said in a statement.