Petrofac has employed a leading lawyer to manage the Serious Fraud Office’s continuous examination into the Unaoil corruption scandal.
Edward Sparrow, among the best-known litigators in the City, will be accountable for the company’s “management of, and action too, the examination”, Petrofac stated on Wednesday.
Mr. Sparrow, who is a partner at law office Ashurst, has more than 20 years’ experience running significant litigation cases.
The SFO revealed in May that it would examine claims that Petrofac used scandal-hit Unaoil as an intermediary to protect consultancy agreements worth $2bn in Kazakhstan in between 2002 and 2009.
The scams workplace stated it is examining the activities of Petrofac, its subsidiaries, and their officers, staff members and representatives for thought bribery, corruption and money laundering.
It has questioned President Ayman Asfari and primary running officer Marwan Chedid as part of the continuous probe. They were launched without charge but Mr. Chedid has since been suspended.
Monaco-based Unaoil ended up being the topic of examinations in March 2016 in the middle of claims that it had paid kickbacks on behalf of the oil business. Unaoil rejects the claims.
Petrofac has formally stated that it has not determined any proof of misdeed but takes any claims of activities that might contravene its stringent anti-bribery and corruptions requirements extremely seriously and is co-operating with the authorities.
Petrofac likewise stated today that it would develop a brand-new compliance and principles committee which will keep track of the efficiency of numerous company policies which associate with problems such as bribery and corruption, and danger.
The committee will consist of 3 non-executive directors: George Pierson as committee chairman, Andrea Abt, and Matthias Bichsel.
Shares in the oil field company have lost more than 50pc of their value since October in 2015 when they were trading at 952.5 p. On Wednesday, they deserved around 463p.