ABB reports itself to the SFO over bribery allegations

SWISS engineering company ABB is under investigation by the Serious Fraud Office. Officials suspect the company’s UK operations of bribery and corruption, which the SFO said relates to its ongoing investigation into energy industry firm Unaoil.

ABB, which has a stock market value of Sfr50.9bn (£40.6bn), said it was cooperating with the authorities.

The firm said it self-reported to the Securities and Exchange Commission and the Department of Justice in the United States as well as to the SFO in the UK “concerning certain of its past dealings with Unaoil and its subsidiaries, including alleged improper payments made by these entities to third parties”. A spokesman from Unaoil declined to comment.

Four fraudsters have been sentenced to a total of 44 years in jail for a £160m financing fraud. The four were convicted on Tuesday of conspiring to defraud banks into funding the installation of ultrafast broadband networks in sewers.