Bribery and Corruption

SFO alleges Maroun Semaan was complicit in six counts concerning multi-million-dollar scheme

https://www.theguardian.com/business/2019/feb/17/petrofac-co-founder-accused-posthumously-bribes-maroun-semaan?CMP=share_btn_tw

A new study from Carnegie Mellon University suggests that greed, and not the willingness to return the favor, is the main reason people give in to bribery. But the research also finds there are times when the almighty buck can be ignored and effects of a bribe can be lessened.

https://www.sciencedaily.com/releases/2019/02/190212104712.htm

Quality assurance bodies could be doing much more to address corruption in higher education but often don’t view it as their responsibility, preliminary survey findings suggest. Accreditors in some parts of the globe are paying attention to the problem, the study found. But for a host of complex reasons, corruption is barely on the radar screen in other pockets of the world.

https://www.universityworldnews.com/post.php?story=20190206105718709

In connection with the SFO’s ongoing investigation into Petrofac Limited and its subsidiaries (“Petrofac”), on 6 February 2019 David Lufkin, 51, a British national, and previously Global Head of Sales for Petrofac International Limited, pleaded guilty at Westminster Magistrates’ Court to eleven counts of bribery, contrary to sections 1(1) and 1(2) of the Bribery Act 2010.  These offences relate to the making of corrupt offers to influence the award of contracts to Petrofac worth in excess of USD $730 million in Iraq and in excess of USD $3.5 billion in Saudi Arabia.

https://www.sfo.gov.uk/2019/02/07/former-senior-executive-convicted-in-petrofac-investigation/

Former Petrofac executive pleads guilty to bribery

https://www.ft.com/content/11b156e2-2ab7-11e9-88a4-c32129756dd8

ANALYSIS: Businesses would benefit from more guidance on how competition law in the UK could deviate from the rest of Europe after Brexit.

Corporate fraud and corruption across the globe continues to be an uncomfortable reality despite the major effort to facilitate its eradication.

https://www.financierworldwide.com/special-report-corporate-fraud-corruption-feb19/#.XE5DnfZ2vuh

Two accomplices who offered bribes to bank staff in an attempt to swindle hundreds of thousands of pounds were jailed today (January 17).

https://www.cps.gov.uk/west-midlands/news/lengthy-jail-terms-scammers-who-tried-bribe-bank-staff

The probes centered on bribes for contracts in Angola and the North Sea

https://www.wsj.com/articles/sfo-announces-sentencings-in-f-h-bertling-investigation-11547255910

“The substantial prison sentences imposed in this case reflect the seriousness of the bribery and corruption,” SFO Director Lisa Osofsky said.