North Sea oil firm in corruption scandal

THE Serious Fraud Office has launched an investigation into possible bribery and corruption at Amec Foster Wheeler, it was revealed last night.

The North Sea oil firm first warned investors it could be investigated in May after revealing it had ties to a Moncaco-based engineering and construction group suspected of fraud, bribery, and money laundering.

The SFO has been investigating the company, Unaoil, since July 2016 along with several of its alleged clients, and has now extended the probe to Amec.

It was feared an investigation could threaten fellow rival Wood Group’s planned £2.2bn takeover of Amec, which shareholders voted through in June.

An internal probe into Wood Group also found one of its joint ventures made payments to Unaoil. However, the firm said the probe has uncovered no connection to corruption.

But last night, Amec said the investigation ‘is not expected’ to have an effect on the deal, which is expected to complete in June.

It insisted it ‘takes its obligation to conduct business ethically very seriously and has in place a robust global anti-bribery programme’.