UK: Petrofac Ex-Manager Admits Bribe Charges As SFO Investigation Continues

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Oil firm Petrofac was hammered today after a former executive pleaded guilty to 11 counts of bribery as part of an ongoing Serious Fraud Order investigation into the company.

David Lufkin, 51, ex-global head of sales for Petrofac, entered his pleas at Westminster Magistrates’ Court yesterday.

The indictments relate to “corrupt offers” made to influence the award of contracts to Petrofac worth in excess of $730 million (£565.9 million) in Iraq and more than $3.5 billion in Saudi Arabia. The SFO investigation has already wiped billions from Petrofac’s share price and it lost another 14% today, down 80p at 478p.

The SFO said its probe will continue into Petrofac’s use of agents in multiple jurisdictions, including Iraq and Saudi Arabia. Lufkin will be sentenced later.

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