Petrofac shares plummet on bribery charges

petrofac

Petrofac shares plunged on Friday after the group’s former global head of sales pleaded guilty to bribery charges.

The group issued a statement David Lufkin pleaded guilty to a further three counts of bribery under the UK Bribery Act 2010.

Between 2012 and 2018, Lufkin offered and paid bribes of around $30m for $3.3bn worth of contracts to be awarded to the company in the United Arab Emirates.

“A small number of former Petrofac employees are alleged to have acted together with the individual concerned, although none have been charged. No current Board member of Petrofac Limited is alleged to have been involved,” said the group.

“Petrofac’s management is committed to operating at the highest standards of ethical business practice. Petrofac continues to engage with the SFO and will respond to any further developments as appropriate.”

Shares in the group are trading -24.66% at 125.52 (1246GMT).