RE: Cases like this will be pre agreed1 Oct 2021 11:28
from the Aaron Nicodemus on the 27th Sept.
Commenting on the case, Aziz Rahman, founder and senior partner at the firm Rahman Ravelli, said it struck him as unusual Petrofac did not enter into a deferred prosecution agreement (DPA).
“The SFO clearly had its reasons for not offering Petrofac a DPA—or at least for not being able to agree one—despite the noises being made that Petrofac is no longer the company it was when it was committing these offences. This is a resolution that appears to buck the recent trend for DPAs,” he said.
“Petrofac appears to have accepted the need to cut its losses, agree to take its punishment, and move on,” he added.
Compliance takeaways: Petrofac has made numerous improvements to its policies and procedures in the aftermath of the bribery scandal.
The company says it now has “a well-developed, comprehensive compliance and governance regime” that is “supported by a dedicated compliance and investigations team, new systems and technologies, mandatory training, and a company culture based on ethical business conduct and transparency.”
The compliance regime has full support at all levels and is “supplemented by regular independent verification,” the company said.
In addition, Petrofac’s past practice of using agents to negotiate contracts has ended, other than required by law, and those agents who do negotiate on behalf of the company are “subject to enhanced audit and additional controls.”
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