Petrofac: Bribery investigation continues. SFO to interview Chairman, executive directors

UK’s Serious Fraud Office is still investigating oilfield services provider Petrofac for bribery, corruption, and/or money laundering.

SFO initiated its investigation in May 2017 related to Petrofac’s alleged involvement into a widespread corruption scandal involving Monaco-based Unaoil.

Petrofac chief executive Ayman Asfari and COO Marwan Chedid were last year arrested, questioned under caution by the SFO, and were released without charge.

Following the launch of the investigation, Petrofac suspended Chedid who then resigned from the company’s board.

That is when Petrofac announced a number of decisions, including forming a committee to be solely responsible for the company’s engagement with the SFO and to oversee the company’s response to the investigation.

Asfari remained the CEO, however, he stood down from the Nominations Committee, which is responsible for decisions relating to the appointment and removal of senior leadership roles.

In an update on Monday, February 5, 2018, Petrofac said the company continued to engage with the SFO.

“This engagement has involved and is expected to continue to involve the interview of Directors of the Company, including the Chairman, Executive Directors, and Non-Executive Directors, as well as employees, either under Section 2 of the Criminal Justice Act or under caution,” Petrofac said.