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Corruption probe into Amec Foster Wheeler (UK govt’s choice for subsidy for SMRs)

Serious Fraud Office launches probe into Amec Foster Wheeler,Telegraph,   Amec Foster Wheeler is being investigated by the Serious Fraud Office over its dealings with Unaoil over possible bribery and corruption through payments to middlemen.

The energy support services group rushed out a regulatory announcement on Tuesday evening confirming the formal launch of a probe by the watchdog.

In May the company signalled it could be in the SFO’s sights in documents relating to its £2.2bn merger with peer Wood Group.

Circulars detailing risks to deal revealed that a Wood Group business “engaged Unaoil and that the joint venture made payments to Unaoil under agency agreements”.

Agency agreements are widely understood to mean payments to third parties which can be used to pay bribes, though there is no indication that this happened with Wood’s joint venture.

At the time Amec said it was co-operating with the SFO, but the regulator’s staff have now decided to launch a formal investigation as a result of what they have discovered.

Unaoil is at the centre of a global corruption scandal with allegations that it paid bribes to secure deals. Petrofac has already been dragged into the scandal with its executives questioned by the SFO, though the company has said previously it has not found any evidence of wrongdoing…..

If the investigations turn into full-scale prosecutions they could result in heavy fines which could deal a huge blow to the merged Amec-Wood business, as they would come after the tow had merged  the companies could be liable for huge fines…..Both Amec and a spokesman for Unaoil declined to comment. http://www.telegraph.co.uk/business/2017/07/11/serious-fraud-office-launches-probe-amec-foster-wheeler/

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July 29, 2017 - Posted by | secrets,lies and civil liberties, UK

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