Melbourne-based newspaper The Age, which claims to have seen the emails, reported that Petrofac’s former vice-president Peter Warner requested that Unaoil make “confidential payments” via a bank account in Pacific tax haven the Marshall Islands.”
Source: Rahman Ravelli Solicitors via mondaq.com 8 September 2017
“We may not always know the extent of bribery or who is involved in it. But we can safely assume it is going on.
A European Parliament-commissioned report last year concluded that corruption costs the EU up to 990 billion euros a year; which gives some idea of the scale of bribery.
What many in business may be unaware of is the damage that bribery can bring to their companies, directly or indirectly. There are those in business who, despite the tight restrictions imposed by the UK’s Bribery Act, maintain that bribery is an essential tool for “greasing the wheels” when it comes to trading in certain countries.
The fact that the Bribery Act carries unlimited fines, up to ten years in prison and can lead to assets being confiscated after a conviction should be enough of a deterrent to those who still see bribery as an everyday part of doing deals. But if it is not, let’s look at the case of Petrofac.”
Source: telegraph.co.uk 12th May 2017
“Petrofac confirmed that its chief executive, Ayman Asfari, and chief operating officer Marwan Chedid have been questioned under caution by the SFO.
The FTSE 250 group added that the SFO has commenced an investigation which it believes is in connection with the investigation into Unaoil.
The services firm has found itself at the centre of a global corruption scandal that erupted after leaked documents implicate the oil services group in an investigation into Monaco-based Unaoil which is alleged to have paid bribes on behalf of oil companies.
Source: 17 January 2017 – occrp.org (Organised Crime and Corruption Reporting Project)
British engineering giant Rolls-Royce has agreed to pay more than US$ 800 million to settle long-time bribery and corruption allegations in the UK, US and Brazil, in a deal with the UK’s Serious Fraud Office.
Rolls-Royce said it reached similar agreements with corresponding bodies in the US and Brazil. The company is set to pay the US Department of Justice US$ 169 million and Brazil’s Ministério Público Federal US$ 25 million.
Sourc: OCCRP 22 December 2016
Two Brazil-based companies have agreed to pay a record-breaking US$ 3.5 billion in fines to settle charges that they paid hundreds of millions of dollars in bribes as part of the South American country’s massive Petrobras scandal, the United States Department of Justice has announced.
Spanish authorities said in November they had captured the “financial mastermind” behind the Petrobras scandal. The lawyer for Odebrecht was allegedly responsible for “payment of commissions in the awarding of private and public works in Brazil and abroad.”
EY’s 14th Global Fraud Survey 2016: Corporate misconduct – individual consequences finds a worldwide clamor for enhanced transparency at a time of increased geopolitical tensions and heightened volatility in financial markets. The escalating threats of cybercrime, terrorist financing and, more recently, the revelations regarding widespread possible misuse of offshore jurisdictions (“possible” ?? – ed), have increased pressure on governments to act and companies to identify and mitigate fraud, bribery and corruption issues.
Conducted between October 2015 and January 2016, the survey of nearly 3,000 senior business leaders from 62 countries and territories highlights overwhelming corporate support for enhanced beneficial ownership transparency, with 91% of executives recognizing the importance of establishing the ultimate beneficial ownership of entities with which they do business.