Member Info for Snapper10

Pokerchips
Old News
PFC are on the LSE it not a good position to be under investigation for Bribery and Corruption even int ME
LOL

Pokerchips
And do you know?

"PFC have stood their ground and clearly aren't in any mood to accept a DPA on whatever terms the SFO might or might not be putting down on paper .. and here YOU are thinking you know what is best for them.... bloody hell "

Its only my opinion that "If"a DPA was offered it would be in PFC best interest to accept this as it concludes the process and can move on to getting there business back in order.
Amec Foster Wheeler took that that option and now Wood can move on to obtain new contracts based on settling with SFO by means paying punitive damages for admitting to Bribery and Corruption.
However in PFC that a DPA "MAY" not have been offered does not give PFC the opportunity to move because potentially David Lufkin's evidence could result in the SFO receiving a bigger victory (Remember the SFO receive a lot of criticism )so a "Good Result" is also in there interest.
Also the share price must have severe impact on the PFC owners personal wealth as since this debacle commenced it has dropped by 90% based on holdings and value.That is not exactly standing your ground its downright stupidity to see your wealth disappear and my opinion it also shows a high disregard to investors who have also lost 90% in there shares value over the past 5 years.
It als means major restrictions in markets due to this case continuing.

Pokerchips
"and what if ....the evidence used to get a guilty plea is thrown out of court as inadmissible ..or even the due process of seeking the guilty plea ? "

That is down to opinion and its my opinion that when presented with the evidence by SFO David Lufkin chose after consulting with his legal council about the like of a successful conviction. To tender a "Guilty Plea" and therefore agree to cooperate in the investigation in return for a element of leniency from the court.
However this would result in the SFO getting a collaborative witness that would open the investigation wider and further delay resolution of the case again impacting PFC ability to win orders.
Speculative but its a valid opinion that should not be disregarded lightly.

Pokerchips
" Lufkin has pled Guilty and I do not see him being sentenced until "All" the others being investigated are either cleared or charged,At that point I would expect sentencing to take place, "

wow..what an interesting idea.....I am sure the judge would be keen to listen to that novelty....... .... " I would expect "....lol ..listen at you !! "

This is normal practice in The United Kingdom when you have fraud case,Its usually the case that when the trial is finished that sentencing is decided to all the guilty parties at the conclusion of a trial, and putting a Guilty Plea usually reflects in receiving a lighter or reduced sentence,
Lots of people have asked why Lufkin has not been sentenced and I am offering my opinion on the matter Its something I have seen in the past in major Fraud trials and that I have personal knowledge. Its significant in the fact it will impact the resolution of this case and its consequences in winning or obtaining work for PFC.
Its My Opinion.

Pokerchips
That does not make it legal in the United Kingdom
Yes its common knowledge the Chinese , Indians and Koreans win work as they are prepared to pay Bribes.
Unfortunately working on contracts that are not costed correctly and have been won by a corrupt bid usually result in major problems for the poor saps left to complete the work.
This leads to Quality and Safety being compromised to save money and in some cases the recruitment of "Slave Labour"
Working in India ,Africa, China and throughout the ME this is common "BUT" it can not be undertaken by a company listed on the London Stock Exchange hence it gives UK based companies a major disadvantage in the World markets.
Again this is only my Opinion

marcus-aurelius
I am not repeating anything I have offered a opinion that PFC could have a bigger problem under the Vicarious Liability senario,Lufkin was a employee of PFC therefore its very difficult to separate the liabilities associated with the tort doctrine that imposes responsibility upon one person or entity for the failure of another.

denby69
In my opinion when you are bidding work, Up front clients Inform the bidders of the Ethics to be followed as part of the process.
If the client asks for there to be commissions to be paid to a local agent then it must be declared and used as part of the Bid evaluation process.
Backhanders or Under the counter payments is why we have Bribery and Corruption laws in the United Kingdom and Northern Ireland .
What you seem to neglect is David Lufkin has already pled "Guilty of Bribery and Corruption"I therefore merely offer the opinion that Vicarious Liability applies accordingly as David lufkin was directly employed by PFC so the culpability must rest at PFC and also any one else who deemed to authorise the approval of any payments in the Bribery and Corruption process.

A statement of advice by an expert on a professional matter:
"if in doubt, get a second opinion"

Pokerchips
I take it you can read the English language?
I stated :in my "Opinion"
Its my "Opinion " therefore its what I think based on my "Opinion" I am not forcing any one to accept my "Opinion"
Its offered you can Agree or Disagree its a view,You are entitled to a different "Opinion" but I have mine and people can accept or ignore or agree with my "Opinion" thats there choice.
This is not a Closed or Private forum its public therefore I am entitled to Voice my "Opinion" so long as it is "NOT"posting inside information that is not public knowledge, or information that is false or misleading, may constitute market abuse. This could lead to an unlimited fine and up to seven years in prison. If you have any information, concerns or queries about market abuse, and in that regard I am acting at all times within the law of the United Kingdom and Northern Ireland,again only my "Opinion"

I do not belive in Bribery and Corruption,Its not the way I wish to work having been Involved trying to win work only to lose out to a corrupt bid.
My insight into PFC during my time there has hardened that opinion and therefore I chose to speak out about corruption and am easily identifiable as PFC have tried to close me out with Confidentiality clauses which don't exist therefore I will continue with my "Pain in the Butt Approach" as it certainly works.
My Strategy was the correct one as PFC thought 500 men could build the SGP,It took 3300 at its peak with all the cost implications I know who got it right.

Posting inside information that is not public knowledge, or information that is false or misleading, may constitute market abuse. This could lead to an unlimited fine and up to seven years in prison. If you have any information, concerns or queries about market abuse

"The SFO’s investigation into the activities of Petrofac, its officers, employees and agents for suspected bribery, corruption and money laundering continues." according to SFO website,
Lufkin has pled Guilty and I do not see him being sentenced until "All" the others being investigated are either cleared or charged,At that point I would expect sentencing to take place,
And as everyone knows depending on how someone pleads sentencing can reflect this.
In my opinion thats a long way off and I feel the longer it goes on and the Impact to win new contracts therefore diminishes as the people who are being investigated surely are among existing or past senior management in PFC its in there interest to cooperate and therefore speed up the process.
A lot of this in PFC control so its not all SFO to blame,Remember the small point of Lufkin has pled guilty to winning work in excess of $4.4 billion by Bribery & Corruption
If they don't understand this then its not going to get easier .

Maybe Schizophrenia split personality
A split personality has nothing to do with schizophrenia, but the more with Multiple Personality Syndrom (MPS). This is a psychiatric disorder at which the sufferer has divided his personality into subpersonalities, also known as alters. The alters have their own memory and don't know of eachother's existence.??????
If you don't agree with something blame or say its affecting myMental Health
WTF!!!!!! we are getting desperate to defend the indefensible.

PFC future depends on a turnaround in fortunes for the oil sector and the on-going SFO investigation that has the potential to cause major upsets. For now the vital number at Petrofac is the order book and can we see a pathway to sustained growth there regrettably the future is pretty austere. Even the most efficient business can't make a profit without projects to work on.

The major challenge PFC faces when winning new business are twofold. Firstly oil & gas producers have trimmed capital expenditure plans following the oil crash last year, and secondly the group is still wrestling with an continuing SFO investigation. A former Petrofac employee has pled guilty to offences under the Bribery Act in relation to contracts awarded to Petrofac, and the investigation has now extended into the UAE as well. The UAE and Saudi Arabia are currently closed to it, which are PFC main Markets.

Is this not brief accurate hypothesis.?
or
Would it be better to say don’t worry everything in the garden is rosie. Face true facts and some people need wake up and face reality and stop burring there heads in the sand and deflecting the FACTS.
Or could someone who works for PFC be a major detractor here.? or a Troll

In the discussions I have read on this board you have comments such as
"Bribery and Corruption is okay its a normal part of business"
"PFC are not under Investigation"
"PFC are well run"
Are these factually correct are people not allowed to challenge these statements?
These are facts that are true and are being misconstrued or am I wrong to challenge what people say that is factually untrue because someone does not not agree with my view.
Unfortunately free speech is still legal in the United Kingdom as long as its the Truth you are speaking otherwise its a criminal offence.
"Posting inside information that is not public knowledge, or information that is false or misleading, may constitute market abuse. This could lead to an unlimited fine and up to seven years in prison. If you have any information, concerns or queries about market abuse"

The SFO is investigating the activities of Petrofac Ltd, its subsidiaries, and their officers, employees and agents for suspected bribery, corruption and money laundering
Old News But Factual
I dont belive anybody is above the law and Bribery and Corruption needs routing out so decent companys don't suffer at the hands of corrupt ones.
On 6 February 2019, David Lufkin, 51, a British national, and previously Global Head of Sales for Petrofac International Limited, pleaded guilty at Westminster Magistrates’ Court to eleven counts of bribery, contrary to sections 1(1) and 1(2) of the Bribery Act 2010. These offences relate to the making of corrupt offers to influence the award of contracts to Petrofac worth in excess of USD $730 million in Iraq and in excess of USD $3.5 billion in Saudi Arabia.

Its not what I say it’s the figures they speak for themselves, The numbers don’t lie!!!!!!
Income statement in USD
Year on year Petrofac Ltd's revenues fell -26.20%from 5.53bn to 4.08bn. In addition, the company has been unable to reduce the cost of goods sold, selling, general and administrative expenses and interest paid (all as a percentage of sales). This has contributed to a reduction in net income from a gain of 73.00m to a loss of 180.00m.
Cash flow in USD
In 2020, cash reserves at Petrofac Ltd fell by 275.00m. In addition, the company used more cash to support its operations than it earned, posting a cash flow loss of 16.00m. In addition the company used 21.00m on investing activities and also paid 242.00m in financing cash flows.
Growth rates in USD
Year on year, growth in earnings per share excluding extraordinary items dropped -350.96%.
Hows this embarrassing myself.The numbers tell the story not me.

It is my understanding that when PFC Bid any contracts the Clients will ultimtly ask "Please declare any litigation that could affect this Bid"
How do you think PFC respond "We are under investigation for Bribery and Corruption by the SFO and the case is ongoing"
Do you seriously see anybody awarding major Infrastructure contracts under these circumstances

Denby69
Did you honestly say that out LOUD?
Petrofac via Lufkin has admitted paying Millions in Bribes to third parties
Are you saying Petrofac do not know or have control of there Account payable system?
Please think before speaking you only make things worse

Vicarious Liability
The tort doctrine that imposes responsibility upon one person for the failure of another, with whom the person has a special relationship (such as Parent and Child, employer and employee, or owner of vehicle and driver), to exercise such care as a reasonably prudent person would use under similar circumstances.
Not in Dispute Mr Lufkin was a Employee of Petrofac?
UNDER THE LAW COVERING 'Vicarious Liability"
"The employer is charged with legal responsibility for the negligence of the employee because the employee is held to be an agent of the employer. If a negligent act is committed by an employee acting within the general scope of her or his employment, the employer will be held liable for damages."
I feel this is the Start not the end and of Petrofacs troubles and they are going to get a lot worse !!!!!!!!