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News / Serious Fraud Office Has Charged Two Former Petrofac Executives For Bribery

Serious Fraud Office Has Charged Two Former Petrofac Executives For Bribery

SFO Charges Two Former Petrofac Executives for Masterminding Million-Pound Bribery Plots.

03 min read

The Serious Fraud Office (SFO), a unit of the UK legal system, has raised serious allegations of misconduct against two former top executives of Petrofac; one of the world’s leading oil service companies, as a demonstration of the use of the legal power to combat corporate misconduct. This case demonstrates the existence of corporate malpractice and the need to take stringent anti-corruption measures.

Petrofac’s employees Marwan Chedid and George Salibi were working in different roles in the United Arab Emirates. From 2012 to 2018, two of these officials were found to have offered bribes and paid them worth $30 million and more. The money affected the leverage of contracts valued at about USD 3.3 billion, the SFO said.

The Unfolded Allegations

The detailed investigation by the SFO taking about years, presents a picture of greed and deception that reportedly transpired for years. Based on the charges, Chedid and Salibi were the brains behind an illegal scheme that pushed more than $30 million to the agents to cheat the whole process of awarding contracts that depend upon free and fair competition principles. These transactions were not simply of nominal value as they were worth approximately US$ 3.3 billion and had significant impacts on the development of oil facilities in the UAE, for example, the Upper Zakum Field Development Project. This project is not simply an ordinary account book of the oil industry; it is the pillar of the UAE’s strategy to boost output and thus, the allegations of wrongdoings cannot be taken as trivial.

SFO had charged Chedid with three counts of bribery and two counts of bribery for Salibi for blocking deals related to oil facilities in the region, including a contract for the design and construction of the Upper Zakum field.

SFO Director Nick Ephgrave Stated:

“Corruption misdirects financial flows, undermines trust in institutions, and can cause damage to the British business reputations around the world. We will chase down every suspected serious economic crime. We will ensure that both companies and executives accept responsibility for their actions”, he added.

Marwan Chedid and George Salibi presented at the Westminster Magistrates’ Court to face the bribery charges on February 19, 2024. Both are granted bail on condition and should reappear in the Southwark Crown Court on 18 March 2024, the SFO stated.

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Category

Legal & Law Enforcement

Industry

Corruption

Published Date

February 20, 2024

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