Petrofac is facing the prospect of a £400 million payout to investors amid legal action linked to an alleged bribery scandal at the oil services firm. Petrofac is facing the prospect of a £400 million payout to investors amid legal action linked to an alleged bribery scandal at the oil services firm. Ian Garrard, managing director of Innsworth, said the group is in a “pre-eminent position to assemble and fund a shareholder group action against Petrofac”. The allegations of bribery, corruption and money laundering at Petrofac relate to oil contractor and consultancy Unaoil. Petrofac said last week that no charges have been brought against any group company, current officers, employees or board members.

Source: Irish Independent February 11, 2019 09:11 UTC