The Serious Fraud Office (SFO) has recovered more than half a million pounds from personal bank accounts linked to a former fixer for Petrofac.
Basim Al Shaikh, who is now deceased, worked as an agent for the energy services giant’s business in the United Arab Emirates and paid bribes to secure contracts.
He used two UAE companies – Gulf Development Marine Services (GDMS) and Northern Coast Construction Materials (NCCM) – to launder the payoffs.
On February 3, 2021, the SFO identified and froze three bank accounts, all linked to Al Shaikh, on suspicion of containing the proceeds of crime.
Westminster Magistrates’ Court granted three account Forfeiture Orders yesterday under the Proceeds of Crime Act 2002.
It confirmed the money, totalling £567,466.53, could be recovered by the SFO on behalf of the UK Government.
Emma Luxton, head of proceeds of crime and international assistance at the SFO, said: “Proceeds of crime should never be left in the wrong hands or used for private benefit. The money we identified was paid as bribes, so it’s right that we have tracked this money down and taken action to ensure this money is recovered despite the fact the individual responsible could not be prosecuted.”
In October last year, Petrofac (LON: PFC) pleaded guilty to failing to prevent former senior executives from using agents to bribe officials to win oil contracts in Iraq, Saudi Arabia and the UAE.
It admitted that senior executives paid £32 million in bribes to corrupt the awarding of contracts worth approximately £2.6 billion.
Petrofac was ordered to pay confiscation of £22,8m, was fined over £47m and the SFO’s costs of £7m.
David Lufkin, the firm’s former head of sales, was also sentenced to a two-year custodial sentence, which was suspended for 18 months, for committing 14 counts of bribery.
He was subsequently ordered to pay £140,000.
Petrofac’s conviction and sentencing last year brought to a conclusion the SFO’s investigation “as far as the corporate entity, and its subsidiaries, is concerned”.
Probes into the conduct of individual suspects continues.