No evidence of misconduct with Unaoil, says Petrofac investigation

Petrofac reported on Monday that it has concluded the independent investigation commissioned by the board into allegations in the media related to the historical provision of services to the company by Unaoil, a Monaco-based company.

The board of the FTSE 250 company said no evidence was found that any director of the company was aware of the alleged misconduct that is the subject of the allegations.

“The independent investigation has thoroughly investigated the allegations, based solely on the information available to the company, and recognising their historical nature and wider context beyond Petrofac,” the board said in a statement.

“The company confirms that it engaged Unaoil for the provision of local consultancy services primarily in Kazakhstan between 2002 and 2009.

“The independent investigation did not find evidence confirming the payment of bribes,” it explained.

Freshfields Bruckhaus Deringer, with the support of forensic accountants at KPMG, carried out the independent investigation and reported to a sub-committee of the board comprising the chairman and three independent non-executive directors.

The board said it considers it appropriate to share the findings of the investigation with the Serious Fraud Office and any other relevant authorities, and has noted the SFO's general request for information in relation to its ongoing investigation into the activities of Unaoil.

“Petrofac enforces strict anti-bribery and corruption standards and a compliance programme focused on training, monitoring, risk management and due diligence,” the board said.

“The programme mandates compliance with all anti-bribery and corruption and anti-money laundering laws, rules and regulations.”