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SFO vs. Unaoil highlights vital compliance issues

Neil Hodge | December 4, 2017

Earlier this month, the U.K.’s Serious Fraud Office charged two former Unaoil executives with corruption for allegedly paying bribes to win lucrative contracts in Iraq on behalf of its client SBM Offshore, a company that produces floating containers for use in oil production. Another former director who is living in Monaco is subject to an extradition request.

Basil Al Jarah, Unaoil’s former partner in Iraq, has been charged with two offences of conspiracy to make corrupt payments, contrary to section (1) of the Criminal Law Act 1977 and contrary to section 1 of the Prevention of Corruption Act 1906.

Ziad Akle, Unaoil’s former territory manager for Iraq, has been charged with one count of the same offence.

The charges relate to alleged corrupt conduct within Unaoil between June 2005 and August 2011. Both directors will appear before Westminster Magistrates’ Court on Thursday, 7 December. The executives and the company deny the allegations, and have refused to... To get the full story, subscribe now.