Following a four-year investigation, the U.K. Serious Fraud Office (SFO) has secured convictions against two former Unaoil executives who conspired to give corrupt payments to win oil services contracts in Iraq.

Now the bad news: SFO Director Lisa Osofsky’s conduct is under review over how she led the case, particularly regarding “flattering” text messages she shared with a U.S.-based private investigator who was acting for the company’s owners but had no recognized legal role in the case.

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Neil Hodge is a freelance business journalist and photographer based in Nottingham, United Kingdom. He writes on insurance and risk management, corporate governance, internal audit, compliance, and legal...