Petrofac has warned that the company is at risk of further legal action after former employee David Lufkin pleaded guilty to 11 charges of bribery two months ago. In its annual report, the company said it faced possible reputational damage, the threat of losing its licence to operate and distress of its share price. The warning comes two months after a former senior executive pleaded guilty to bribery over payments of more than $50 million that the… Want to read more? Company auditor EY said Lufkin's guilty plea elevated the prospect of financial sanctions, which could materially impact Petrofac's financial viability. The Australian Securities Exchange Commission (ASX) on Friday announced a preliminary investigation into whether Petrofac breached ASX rules by failing to disclose information about an alleged bribe in connection with a deal for a While the non-ministerial government department has not brought any other charges, its investigation is ongoing.
Petrofac has warned that the company is at risk of further legal action after former employee David Lufkin pleaded guilty to 11 charges of bribery two months ago. In its annual report, the company said it faced possible reputational damage, the threat of losing its licence to operate and distress of its share price. Company auditor EY said Lufkin's guilty plea elevated the prospect of financial sanctions, which could materially impact Petrofac's financial viability. The Australian Securities Exchange Commission (ASX) on Friday announced a preliminary investigation into whether Petrofac breached ASX rules by failing to disclose information about an alleged bribe in connection with a deal for a While the non-ministerial government department has not brought any other charges, its investigation is ongoing.