Executives of Petrofac Set to Face the SFO as Probe Broadens

By Lindsey G (Oil Rig) [CC BY 2.0] via Wikimedia Commons

Today, it was announced that the Serious Fraud Office (SFO) of the United Kingdom is set to broaden its probe of Petrofac, an oil and gas services company.

Petrofac shares were four percent lower after the company said that the investigation of the  SFO into suspected corruption, bribery, and money laundering would involve interviews with the directors of the company, including its employees, and chairman.

The company said that it “continues to engage with the SFO.” However, no additional updates or comments would be made on the said matter.

Last May 2017, Petrofac places Marwan Chedid, the chief operating officer of the company, into suspension as the SFO started its investigation.

The share price of the company plunged in the wake of the news, and it has since had to recover.