The Courier & Advertiser (Fife Edition)
Under-fire Petrofac could face private legal action
Bentham Ventures is considering legal proceedings against underpressure Petrofac on behalf of its investors.
The move follows Petrofac’s decision to suspend chief operating officer Martin Chedid and comes as the UK Serious Fraud Office conducts a probe into Petrofac, its subsidiaries and employees under suspicion of bribery, corruption and money laundering.
The investigation relates to a probe into Unaoil SAM, a Monacobased oil contractor and other agents.
Petrofac’s shares fell 30% following Mr Chedid’s suspension on May 25.
Bentham is funding and managing litigation on behalf of institutional shareholders against Tesco PLC in England and Volkswagen AG in Germany.
In a statement it said: “The alleged grounds of the proposed litigation are expected to be that Petrofac issued false and misleading statements and/or failed to disclose material information regarding its business, its performance and prospects, and/or otherwise misled shareholders and/ or concealed conduct.”
At the time of the suspension, Petrofac stressed: “These actions do not in any way seek to pre-judge the outcome of the SFO’s investigation.”
Petrofac chief executive Ayman Asfari, who along with Mr Chedid was interviewed under caution by the SFO in relation to the investigation, is continuing in his role.