An independent investigation has confirmed that no bribes were ever paid by Petrofac to Unaoil, the Monaco-based oil trader raided by authorities in April on corruption allegations.
Officials in Monaco raided the trader and the homes of its directors after receiving a request from the UK’s Serious Fraud Office (SFO), which is investigating Unaoil.
A joint report published in late March by Australia’s Fairfax Media and the Huffington Post alleged Unaoil “systematically corrupted the global oil industry” by paying millions in bribes on behalf of multinational oil companies to secure contracts in countries such as Kazakhstan and Iraq.
Petrofac, which designs, builds, operates and maintains oil and gas facilities, said it engaged Unaoil to provide local consultancy services primarily in Kazakhstan between 2002 and 2009.
The independent investigation, conducted by Freshfields Bruckhaus Deringer (FBD) and supported by forensic accountants KPMG, did not find evidence confirming the payment of bribes between the two companies, according to a statement from Petrofac today.
Neither was evidence found that any of Petrofac’s directors were aware of the alleged misconduct within Unaoil.
Petrofac’s board intends to share the investigation’s findings with the UK Serious Fraud Office (SFO) and other relevant authorities.