RE: Β£1 derampers15 Mar 2021 19:10
'Petrofac will continue to execute two EPC projects for ADNOC currently under construction. ADNOC has stated that it recognises the long-standing nature of its relationship with Petrofac and has confirmed that its decision will be reviewed on a periodic basis.'
This recognises the problem was both ADNOC AND PFC and as soon as the SFO has drawn a line under the ongoing activity relating to 2013/14, ADNOC will review the position recognising they have a long standing relationship. In the meantime, the existing long term contracts continue.
Could be more plea's, or we could be waiting for the appropriate governance and controls to be put in place so it doesnt happen again. Noone is pretending there wasnt a serious fraud. Everyone wants to draw a line a move on, not throw the baby out with the bathwater