Pension funds sue oil giant Petrofac over bribery case - News Summed Up

Pension funds sue oil giant Petrofac over bribery case


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



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