The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
The charges against David Lufkin were first brought by the SFO on 12th May 2017. The share price has since dropped by nearly 90%. As far as I am concerned the market has more than punished the share price by far more than the SFO will punish the company. When matters are finally settled, which could be any day, I am anticipating a major recovery. The share price has become irrational.
Here's the link:- https://www.sfo.gov.uk/2021/07/20/sfo-secures-two-dpas-with-companies-for-bribery-act-offences/
hTTps://www.halliburton.com/en/about-us/press-release/petrofac-decisionspace-contract
As I have mentioned elsewhere, if there is a hearing in September, why is it not mentioned or listed in the schedules of the SFO, as the June 21st hearing was? Why have PFC not updated the market about the revised date in September, or an explanation of why it was deferred to September? It is so deafeningly quiet on the news front, I can't help but speculate that it is because there are things happening behind the scenes which have not yet concluded. I repeat, the supposed September hearing is not listed with the SFO as previous hearings were.
I totally agree with the previous posts. ALLEGED legal offences should have been my choice of words of course. The fact that Lufkin is the only named person who has been charged, and that four years or more has now elapsed without any charges being brought against PFC as a company, makes the whole affair totally scandalous. And accentuates my frustration and perplexity as to why shareholders are not being kept informed. I would have thought it would have been in the company's interests from a business point of view to do that.
I can't understand why something as serious as a SFO hearing, that has been adjourned / postponed yet again for another 3 months, isn't clarified or explained by either the SFO or PFC themselves. As far as I'm concerned, it is as consequential to the financial health of the company as a loss of contract, or the winning of a contract, and warrants an RNS to investors to update them on events. My only comfort is the fact that as both parties are so eerily quiet on how things are progressing, it might imply that talks to resolve the legal offences and consequences thereof, are being discreetly negotiated behind the scenes.
Although the share price has dropped over 5%, the buying is actually quite strong. More or less on a par with selling. Is that rustling noise I can hear, the sound of The Guardian getting some shares on the cheap? It really wouldn't surprise me!
I believe there should be a time limit for investigations. Just like with the police, they can only hold onto a suspect under investigation for so many hours without bringing charges, and have to obtain an extension if they wish to continue to hold them for further investigations. And again, that is only for a limited period. I would like to know why SFO investigations are allowed to hold a company under threat for years like this. It's seriously not right.
This must sound like a naive question, but if Petrofac were unaware, and uninvolved with Lufkin's activities, as it was done covertly, why and how would the SFO bring any subsequent punishment to anyone other than Lufkin himself? The SFO have been (as far as I am aware), unable to find any evidence against the company itself, only Lufkin who worked for them.
Investing 101.....the bribes were outgoing, not incoming. See link:- https://www.sfo.gov.uk/cases/petrofac/
My post on Tue 11:48, was actually made 'tongue in cheek', not truly serious, but just to make a point re the SFO and length of trial procedures, and the damage that it causes to viable companies. The investigations, conclusions, and any subsequent sentencing should NOT take four years or more.
crytpolife, the new Business Development director has been taken on to encourage and obtain further business opportunities in the renewable energy sector, such as wind, carbon capture usage, etc. It's all there if you want clarification. Green energy is what is being brought on with vigour, to encourage a healthier environment. The fact that PFC are not hesitating to bring their expertise to this sector is very encouraging.