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£1billion fine ? Wtf you’ve been smoking.....there is no way Petrofac can afford that. Fine is based on what companies can afford to pay....
Oh for f*ck sake...
LucyW ... give it up ...we have been here 4 f*cking years with this stuff...
We don't need you turning up at the eleventh hour telling us what will happen and what is obvious or not...
Where was your interest over the last 4 years ...?...
Shut the door on your way out...
you have NOTHING to add that hasn't be tried by all the other morons that sign up and say the same regurgitated nonsense
Bye now
Lucyw,
" I see some posters here think that Petrofac can get away lightly or with no fine at all. The nativity of certain people here does amaze me. They've no clue about how the law works."
Before you make yourself look like a fool about "how the law works", I suggest you go read up SFO's Operational Handbook - their bible of how they prosecute SHOULD PETROFAC BE CHARGED.
Should Petrofac be charged, in normal circumstances (i.e. in 2017), I agree that the company could have been charged UP TO c. $1b.
However, in current circumstances and considering the financial position Petrofac is in, I had an estimate of $400m being the upper end. Following the recent debt refinancing, even $400m looks steep.
It is not in the public interest (judicial order) or SFO's interest to bankrupt and make a company insolvent.
From SFO's handbook:
"This should be considered in all cases but will be particularly relevant where the Company is able to demonstrate substantial financial hardship. Whether the imposition of financial terms has the effect of putting the Company out of business will be relevant. A number of other relevant factors may be considered such as the impact of any fine on employees and/or shareholders and the impact of any fine on the ability of the Company to implement effective remedial and compliance measures."
I am very very happy about Petrofac's management following the most recent debt refinancing. I posted a few days ago about PFC's debt structure.
I think everything else will be self explanatory on how clever Petrofac's management are - in reducing ANY fine should be implemented by SFO.
At least for 2021, Petrofac currently, is unable to pay more than c. $50-100m without the company demonstration hardship within the next 12 months. Which is not in publics' or SFO's interest.
For how and where i've got that figure, I suggest you go look at Petrofac's finances. That figure is subject to change depending on orders won/lost in the near future.
If anyone's naive, it's you who thinks they can get a much lower entry here ;) I say good luck to you.
I am a holder and believe a dpa will be agreed but around the £400m mark to be honest (based on other recent fines such as wood group). The big elephant in the room is perhaps they cannot be convicted due to the recent law case and juridical ruling on using evidence from overseas. I think a compromise should be reached as it is in no ones interest for this to continue indefinitely. Pfc have to take some responsibility but they have to agree to a dos and with the recent ruling can play hard ball so lesser fine and so will rise. Gla but dyor
LucyW, before you invest in any shares, I would strongly suggest you invest in a dictionary, a thesaurus & an abacus. Your posts are cretinous & moronic. Before making any pathetic attempt at explaining how the legal system in this country works please acquire yourself at least a primary school level of education. The word is Imbecile which is clearly your middle name & you are very naïve not native. You are clearly not a person of the silk & you never will be. Jog on time waster!!!
brianbru
Hi brianbru. The burden of proof is much higher in criminal cases (which carry custodial sentences) than in civil ones (which carry fines) Lufkun took the blame so he spared others from prison sentence (what agreement he had with Petrofac, for what reward, we'll never know). But bribes were given on behalf of the company, let's not forget it, and SFO is not a fool, this kind of cases are common there. I see some posters here think that Petrofac can get away lightly or with no fine at all. The nativity of certain people here does amaze me. They've no clue about how the law works. I guess if you want to see the simpletons you should join this chat rooms')
To laidback
So you think that SFO will believe Lufkun was giving millions of bribes out of his own pocket and to benefit himself??? What are they, total imbecils? ?? You may believe it, (it's up to you. but judges are normally chosen from slightly more intelligent people than yourself)
Today
Hi Lucyw, no factual evidence supplied by you just a personal opinion we shall all find out in time if you or right or wrong IMHO you are wrong. Please also note that PFC as a company have not been charged as per your previous post
Regards B
Rubbish
All companies arrange finance well in excess of their requirements as a matter of prudence.
To be fined, there needs to be a proven case against Pfc, not a loose cannon employee.
There may be a negotiated settlement, there may not. SFO may drop the investigation.But we are in endgame after nearly 4 years.
Gl all
Petrofac has arranged c£1b credit facilities, and did it despite reporting prospective reduction in debt. Obviously it's preparing for a big SFO fine. I said it before and I say it again, the fine is going to be circa £1 billion. It'll be required to be paid in installments spread over 3 years (normal practice), fist installment the biggest (c40%) and 2nd and 3d smaller. Will Petrofac let us know the size of the fine next week in its FY (it should have a good idea by now) remains to be seen, they're not obliged to do it though good companies tend to keep investors informed. One way or another, the full truth will be revealed by SFO in June. But considering the preparations in credit facilities, the answer is obvious