Serious Fraud Office hunts for new chief as Osofsky steps down

THE head of the fraud squad is to step down following a controversial five-year tenure that has included large court victories as well as two botched investigations.

Lisa Osofsky, an American former FBI lawyer, will leave the Serious Fraud Office (SFO) next year. A search for her successor is expected to begin shortly.

She has been in post since August 2018 and has presided over a string of major bribery investigations, most recently that of mining giant Glencore.

Her tenure has also been dogged by controversies, including the botched prosecutions in the Unaoil case.

It is understood her last day will be Aug 28 next year, the end of her current five-year contract.

The recruitment process to find her successor is to begin imminently but Ms Osofsky is understood to have agreed to remain in post beyond the end of August if necessary, to prevent any gaps in leadership.

In a message to staff today, seen by The Daily Telegraph, she wrote: “I said I would keep you updated on plans relating to my tenure at the SFO. It is, after all, no secret that I committed to a fiveyear contract as director of the Serious Fraud Office. Since I last updated you, I have spoken with the Attorney General and we have agreed that I will serve my tenure in full, until Aug 28 2023.”

Ms Osofsky hailed 2022 as an “extraordinary year”, following the recent conviction of Glencore, which last week was ordered to pay £280m after pleading guilty to sprawling bribery schemes. She also told staff she remained committed to implementing changes recommended by independent reviews into failures at the SFO, which has been criticised for its handling of the Unaoil and Serco fraud trials.

After failures in evidence disclosure, three defendants in the Unaoil case had their convictions overturned at appeal, while the Serco trial itself collapsed due to similar issues. Ms Osofsky has apologised for the fiascos and admitted that they caused her sleepless nights.

In her email, she added: “Until the future director is ready to take the reins of this extraordinary organisation, you have my full commitment to ensuring we continue to implement the findings of the reviews, push for the legislative changes and resourcing uptick we need and to continue delivering justice for victims.”

An advert for the job of director, which pays £180,000 a year, is expected to be posted by the Government soon.