Petrofac’s former global head of sales pleaded guilty last week to offering corrupt payments in an attempt to secure contracts in Saudi Arabia worth $3.5 billion and contracts in Iraq worth $730 million PetrofacAn oil services company listed on the London stock exchange is facing a multimillion-pound shareholder lawsuit after a senior executive pleaded guilty to corruption. Lawyers for shareholders in Petrofac said this morning that they were “well progressed” on a legal claim against the company. It is understood that the claim could exceed £400 million and that the group of claimants include large UK and US pension funds. The group legal action – which is being financed by a litigation funding company – comes after David Lufkin, the former global head of sales at Petrofac, pleaded guilty last week to offering corrupt payments in an attempt to secure contracts in Saudi Arabia worth $3.5 billion (£2.7 billion) and contracts in Iraq worth $730 million (£566 million).
Source: The Times February 11, 2019 12:07 UTC