Petrofac faces £400m claim

OIL services group Petrofac is facing a £400million lawsuit over alleged bribery.

Litigation funder Innsworth and lawyers Keystone Law are collecting a group of institutional investors including UK and US pension funds which bought or held shares between October 1 and now. It is claimed they suffered “substantial losses out of the firm’s alleged involvement in bribery, corruption and money laundering”.

Last week, Petrofac’s former global head of sales David Lufkin pleaded guilty to 11 counts of bribery over Middle East contracts.