Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

SFO investigates ABB over Unaoil

Jaclyn Jaeger | February 10, 2017

The U.K. Serious Fraud Office confirmed today that it has commenced an investigation into the activities of ABB’s U.K. subsidiaries, their officers, employees, and agents for suspected offenses of bribery and corruption. 

The SFO said the investigation is related to the SFO’s ongoing investigation into the activities of oil services provider Unaoil.

In its latest quarterly report, ABB said as a result of an internal investigation, it self-reported to the U.S. Securities and Exchange Commission, the U.S. Department of Justice (DoJ), and the SFO “concerning certain of its past dealings with Unaoil and its subsidiaries, including alleged improper payments made by these entities to third parties. The SFO has commenced an investigation into this matter.

“The company is cooperating fully with the authorities,” ABB said. “At this time, it is not possible for the company to make an informed judgment about the outcome of these matters.”