Petrofac Limited Update on SFO Investigation and Board Change (2062G)
May 25 2017 - 2:02AM
UK Regulatory
TIDMPFC
RNS Number : 2062G
Petrofac Limited
25 May 2017
Press Release
25 May 2017
UPDATE ON SFO INVESTIGATION AND BOARD CHANGE
On 12 May 2017 the Serious Fraud Office (SFO) announced its
investigation into Petrofac, related to Unaoil and other
agents.
The Board is today announcing a number of decisions to ensure
Petrofac can retain its focus on its operations and clients, whilst
also ensuring the Company is able to continue to engage with the
SFO's investigation.
A Committee of the Board has been established to be solely
responsible for the Company's engagement with the SFO and to
oversee the Company's response to their investigation. This
Committee comprises the Chairman, Independent Non-executive
Directors and the Chief Financial Officer. Given the scale of the
investigation the Committee has decided to engage a senior external
specialist to oversee the Company's management of and response to
the investigation. This person will also review the Company's
compliance processes.
Ayman Asfari will continue in his role as Chief Executive
Officer. To ensure full separation of operational duties and the
investigation, he will not be involved in any matters connected to
the investigation, and will have no role or responsibilities for
engaging with or liaising with agents and consultants.
Separately the Board has suspended Marwan Chedid as Group Chief
Operating Officer until further notice. As a consequence he has
resigned from the Board.
These actions do not in any way seek to pre-judge the outcome of
the SFO's investigation.
Chairman Rijnhard van Tets said: "These decisions signal the
Board's determination to cooperate fully with the SFO and its
investigation, whilst ensuring Petrofac continues to deliver for
its clients."
On 12 May 2017 the SFO confirmed that it is investigating the
activities of Petrofac, its subsidiaries, and their officers,
employees and agents. The investigation is related to the SFO's
ongoing investigation into the activities of Unaoil. Ayman Asfari
and Marwan Chedid were arrested, questioned under caution by the
SFO, and were released without charge. Since 12 May 2017 the
Company has provided large volumes of information in response to
very broad requests made under section 2 of the Criminal Justice
Act 1987. The Company notes that the SFO will also have access to
other information in the context of its wider investigation.
During 2016 the Board of Petrofac commissioned an independent
investigation, with the support of external advisors, into
allegations in the media in relation to Unaoil. The Board shared
the findings of this investigation with the SFO. The SFO has
informed Petrofac that it does not accept those findings. The
matters that were the subject of the Board's investigation will be
part of the SFO's ongoing investigation into Petrofac. The SFO has
also informed Petrofac that it does not consider the Company to
have cooperated with it, as that term is used in relevant SFO and
sentencing guidelines. It is for the SFO to determine the outcome
of its investigation and any prosecutions in due course. The
Company is committed to cooperating with the SFO's investigation.
The Company is devoting very significant resources in its current
engagement with the SFO.
Board Committees
Mr Asfari will stand down from the Nominations Committee, which
is responsible for decisions relating to the appointment and
removal of senior leadership roles, with immediate effect. An
update will be given on the future composition of committees in due
course.
Ends
This announcement contains inside information which is disclosed
in accordance with the Market Abuse Regulation which came into
effect on 3 July 2016.
For further information contact:
Petrofac Limited
+44 (0) 207 811 4900
Jonathan Low, Head of Investor Relations
jonathan.low@petrofac.com
Jonathan Edwards, Investor Relations Officer
jonathan.edwards@petrofac.com
Alison Flynn, Group Head of Communications
alison.flynn@petrofac.com
+44 (0) 207 811 4913
Tulchan Communications Group
+44 (0) 207 353 4200
petrofac@tulchangroup.com
Martin Robinson
Andrew Grant
LEI 2138004624W8CKCSJ177
NOTES TO EDITORS
Petrofac
Petrofac is a leading international service provider to the oil
and gas production and processing industry, with a diverse client
portfolio including many of the world's leading integrated,
independent and national oil and gas companies. Petrofac is quoted
on the London Stock Exchange (symbol: PFC).
Petrofac designs and builds oil and gas facilities; operates,
maintains and manages facilities and trains personnel; enhances
production; and, where it can leverage its service capability,
develops and co-invests in upstream and infrastructure projects.
Petrofac's range of services meets its clients' needs across the
full life cycle of oil and gas assets.
With around 13,500 employees, Petrofac operates out of seven
strategically located operational centres, in Aberdeen, Sharjah,
Abu Dhabi, Woking, Chennai, Mumbai and Kuala Lumpur and has a
further 24 offices worldwide.
For additional information, please refer to the Petrofac website
at www.petrofac.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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