Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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This must sound like a naive question, but if Petrofac were unaware, and uninvolved with Lufkin's activities, as it was done covertly, why and how would the SFO bring any subsequent punishment to anyone other than Lufkin himself? The SFO have been (as far as I am aware), unable to find any evidence against the company itself, only Lufkin who worked for them.
The investigation is into Bribery and Corruption Its Illegal in all countries including the Middle East.
Payments are made through 3rd parties usually with reimbursement to that party via a intermediary that takes time to investigate.
Simple solution to Investigation is don't get involved in Bribery and Corruption in Petrofacs case they did and Lufkin has pled guilty to facilitating this on behalf of Petrofac.
Its not difficult to understand especially in the fact that Its Jersey registered company trading on the LSE
IMHO I think the SFO should pay PFC for all the damage they have done to the company, I am fully Invested in this company and in need of a life belt, hope the sore throat goes quickly :-)
agree apart from giving incentives for nissan to build cars in the uk which make sense - all the jobs created and a win win .
generating tax in the uk to fund benefits makes sense . we can't keep borrowing just to give foreign and to good causes.
cutting costs and spending within a budget is only fair for our children and grandchildren.
I think The SFO should also Focus on, The government purchase of useless PPE through the old boys network and huge pay offs to middle men. To look at Football Managers and Agents fees for transfers. The Motor industry MPG claims (which appear correct if driven on a roller road at dead on 50 with all the seats out and wing mirrors folded with no wind resistance). OooouH and the inducements we gave the Japs to build their cars here!
Thank you Denby! As they used to say in the Westerns "aw shucks it ain't nothin".
I was feeling under the weather with a raging sore throat and any mention of the SFO always sets me off hence the tirade of mild abuse in my post.
Nowt like a good rant to clear the air!
GL
Na. We can conclude now they’ll suggest 70usd oil is a big fundamental positive. “Common sense” vs “zero sense” :)
Trading update next week.
We'll see then, whether it's "common sense" or "wishful thinking".
Not really pal, just common sense :)
Wishful thinking.
“So where are the contracts?”… perhaps you don’t understand what a lead indicator is? .. This is where a data read leads the impact on something else. So for example, when the oil price rises circa 50% in 6 months, it will only be fully realised in activity with a lagged effect. When you have experience of the real world, these things become clear. Hope that helps :)
Hi Hog .
I like the way you hit the nail on the head every time u post :-)
"Apart from $70+ oil, which has (strangely) proven to be a pretty good lead indicator for the oil services industry :)"
So where are the contracts?
Won by others.
SFO "just doing their job"-do me a favour-you mean just blundering around in the dark as usual-they've been sodding around for 49 months and will probably still be sodding around this time next year. They have a record of massive blunders e.g. at present being sued for $70million for their 8 year vendetta against ENRC directors but the jewel in their crown was being fined by HMRC for VAT irregularities. One Government Department fining another-even kafka would have been hard-pressed to come up with anything like that!!
They're a sick joke but as usual in the civil service when they **** it up yet again will heads roll-will they eckaslike but our company will have been severely damaged and so will we shareholders.
Little positives from a fundamental perspective? Apart from $70+ oil, which has (strangely) proven to be a pretty good lead indicator for the oil services industry :)
Yes 101, but does it take 4YRS to sort and the impact on the company, employee's , shareholders , suppliers etc. For a practise that was widespread in the Gulf regions. And still is among some of our main competitors.
what I read is that
"Petrofac made payments to an agent(s)."
Basically as commission for winning the contract(s) for Petrofac.
Correct. Caught up with words. I meant engaging with bribes.
Investing 101.....the bribes were outgoing, not incoming. See link:- https://www.sfo.gov.uk/cases/petrofac/
The SFO are just doing their job, blame that stupid employee who took the bribes.
Slift is a well known de-ramper on this board.
@Paddyboy what do you reckon to theses two ? M
Must be a hole in their glass . But that's being Massive Shorts I guess...
HY21 results not looking so good.
Little positives from a fundamental perspective.
So well done the SFO, they have damaged and risked the livelihoods of thousands of innocent employees. They have presided over the destruction of billions of pounds of shareholder value.
And when the smoke finally clears, and Petrofac limps out of the carnage in its vastly weakened state, it will simply be taken over, probably by a foreign company for pennies on the pound.
Yes, well done the SFO, I bet you're really proud of yourselves.