Tuesday, December 12, 2017

Petrofac Names External Specialist to Oversee SFO Probe

Posted by August 9, 2017

Oilfield services provider Petrofac (POFCF) on Wednesday appointed Edward Sparrow as an external specialist to oversee an investigation by Britain's Serious Fraud Office announced in May.
Sparrow is a partner at the law firm Ashurst LLP, Petrofac said in a statement.
The SFO said in May it had begun an investigation into the activities of Petrofac and its subsidiaries in connection with a probe into Monaco-based Unaoil.
Petrofac had said in May that it would set up a committee responsible for responding to the investigation, comprising its chairman, CFO and independent non-executive directors, and would also hire an senior external specialist to review its compliance processes.
The company also said on Wednesday it had set up a new committee for overseeing the company's compliance and ethics.
The committee comprises of three non-executive directors, George Pierson as the committee's chairman, Andrea Abt and Matthias Bichsel.

(Reporting by Justin George Varghese in Bengaluru. Editing by Jane Merriman)

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