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Petrofac on Monday was ordered to pay £77 million (U.S. $105 million) to conclude a long-running investigation into allegations company executives paid to win lucrative oil contracts in Iraq, Saudi Arabia, and the United Arab Emirates (UAE).
The oilfield services company pleaded guilty at Southwark Crown Court on Friday to seven counts of failing to prevent bribery perpetrated by former senior executives. The U.K. Serious Fraud Office (SFO) had alleged the misconduct took place from 2011-17.
Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,... More by Jaclyn Jaeger
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