Member Info for stress-free

I have lost 60k by investing in PFC. basically my pension , I am devasted, I worked on the Asfari’s jet for a few years and thought it was a solid company even with the SFO investigation, I didn’t think this would happen!

I have a 170,000, thank you for whatever you are doing

I think you only have to look at how poor the communication has been from this company to understand why nothing has been achieved for years!

I called this number given, 0207 831 1234 a lady called Shanice is dealing with Iconic but is off today, however they were able to tell me that the meeting was adjourned and an announcement will be out soon.

Thank you for your email of 17 June 2021 concerning the SFO’s investigation into Petrofac Limited.



Given the serious and complex nature of the matters the SFO investigates, it is not unusual for our cases to continue for some time. We recognise your frustration at the length of time required to properly conduct a thorough investigation. We are unable to provide any information beyond that already published on the SFO’s website (or otherwise publicly available) regarding the guilty pleas of Petrofac’s former Global Head of Sales in February 2019 and January 2021. It is however a large investigation with many international dimensions and the SFO continues to progress its inquiries as expeditiously as possible.



I hope you find this information helpful.



Yours Sincerely,



H Khan



Serious Fraud Office

Your email of Thursday 17th June has been received.
Before responding to the substance of your request, we wish to make it clear that the implication contained in that e-mail is utterly without foundation, outrageous and possibly defamatory as far as the Company’s Directors are concerned.
Let us now turn to the situation faced by the Company. As we told you on the 29th January, it goes without saying that COVID and the low oil prices had a serious effect on the relisting process and stymied everything we were trying to do; it has proved impossible to raise the necessary funds and obviously without funding the Company cannot list. As COVID has progressed, it has changed the global outlook towards hydrocarbons and it has become more and more difficult to raise funds for standalone oil and gas transactions. The Board has therefore responded by taking a broader view of the company’s business focus and you will appreciate that this takes time. We are not giving up, we are trying to find ways around a problem.
There is currently no regulatory requirement for announcements and no announcements are being made due to Confidentiality Agreements that are in place covering negotiations. Any hostile and disruptive conduct by you could result in a deferred or totally derailed listing process, it could therefore be anticipated that all shareholders’ value would be put at risk.
As far as the SFO is concerned, they are there to investigate fraud not commercial issues.
We understand that this lengthy process has been frustrating for everyone but please bear with us while the Board continues to do its very best to complete the transaction and listing.
Regards,
Infinity Energy Limited

I agree, yes, we fully understand the need to investigate bribery and corruption and prevent if possible, but to take 4 years and destroy a good company, putting many people out of work is almost just as criminal. If guilty they should have been fined and then allowed to continue business .

I contacted in January and April with the answer that it is still going through, i think thee are delay tactics as even with Brexit and Oil price and Covid they said to be close two years ago.

Why do the SFO not investigate?

Possibly, but it is certainly odd to have a complete new team, with none of them being there from beginning of the case. if they were recruited to make a difference that hasn't happened, they should have concluded by now. The pandemic wouldn't have prevented them from doing their job if they had a tight case, Petrofac are a company with integrity they employ and educate thousands. I don't agree with bribery and it appears so often in business especially in the Middle East, it's a huge shame that one rogue employee has brought upon so much damage to a company!

If you look at the top people in the SFO they have nearly all been hired in the last couple of years! Strange to have a completely new team, it may account for the slow process though.

Perhaps it is time to email Boris Johnson, 4 years is beyond acceptable!

There is a lot which doesn't add up, agree why wait 2 months for Abu Dhabi to announce the suspension, it has to be to reduce competition, or perhaps it is to prove that the SFO case is definitely losing PFC contracts. PFC are a good, solid company it's shocking what is happening here.

I called Gerwyn Williams this morning, he wouldn't make any comment as said was on holiday with friends, I did try to ask whether he could quickly say whether it had any future, but he just said that he was in company and to email in.
It doesn't look great if the website has gone.

I'm not sure that rumours have any bearing but PFC is a very solid company and due to the nature of the industry are forced to deal with countries who are not so honest in their dealings. I know a little and though I understand that the SFO need to investigate some companies I really cannot understand how PFC's name has not been cleared some time ago and for that the SFO should be answerable. It's hard enough in these times with Brexit and Covid, oil prices etc but to drag a good company down when perhaps they should be concentrating on looking elsewhere is concerning.

I have a sinking feeling that this is not going to return with Oil prices being so low!

Unfortunately I have to agree, the board have not offered any positive news or support knowing that investors have been patient and waited for 2 years.

Barclays are now showing my holding in INFT as 0

Has anyone else still not received their dividend with Barclays?

I called Eran, no real update other than submissions are still going through, could be end of Sept, Oct or whenever.

Yes mine went through on time and I thought everything was fine until logged into my account today showing it to be in minus, I called Barclays and was told that the PFC Dividend has been retracted, I have held my shares for 2 years so no idea why this has happened. Last week my MXO shares resisted under a new ticker ADME and Barclays made the mistake of having them down as £39 instead of the true value of .39 pence!!
I have contacted PFC too to see if they can throw any light on the matter !