Oil Services Giant Petrofac Cops To Failing To Stop Bribery

By Richard Crump (October 1, 2021, 2:49 PM BST) -- British oil services company Petrofac pleaded guilty on Friday at a London crown court to seven counts of failing to prevent its employees in the Middle East from using bribes to win billions of dollars in contracts.

The company has admitted that its employees paid out $44 million in bribes to win contracts worth $3.66 billion. (Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images) The company admitted that its employees paid out $44 million in bribes between 2011 and 2017 to win contracts worth $3.66 billion in Iraq, Saudi Arabia and the United Arab Emirates.

Petrofac entered a formal plea...

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