The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
https://www.bloomberg.com/news/articles/2021-10-04/petrofac-fined-95-million-by-u-k-court-for-bribery-offenses?utm_source=google&utm_medium=bd&utm_campaign=HP&cmpId=GP.HP
U.K. oil-service provider Petrofac Ltd. must pay a $95 million penalty by a London judge for failing to prevent bribery between 2011 and 2017.
The penalty includes a $64 million fine and a $31 million confiscation order. The levy comes after the company pleaded guilty to seven bribery offenses, in a deal with the U.K.’s Serious Fraud Office. The charges relate to former employees offering or making payments to agents in relation to projects in Iraq, Kingdom of Saudi Arabia and the United Arab Emirates.
From the RNS:
The total of the Initial Consideration and the Earnout (if applicable) is capped at 75% of the value set under the relevant Russian law if the Additional Assets had initially been auctioned by the Russian state instead of being acquired by Rosgeo.
Gaz - try this
https://www.morningstar.com/stocks/xlon/eua/ownership
Yes - opportunity to position for the EPC contract ...
I guess it is too small to RNS - just some engineering work ...
Interesting if Urals Alluvial Platinum (UAP) is being wound up as I thought this was the EUA subsidiary that holds the 80% share of MT, via a further subsidiary Terskaya (TGK) which is the license holder.
UAP was originally a 50-50 JV set up with Anglo Platinum in 2006(?) - EUA sold 80% of MT into this JV in return for funding of a drilling programme. Subsequently EUA acquired Anglo's share giving them 100% ownership.