2nd Jul 2021 17:21
(Alliance News) -Â John Wood Group PLC on Friday confirmed that Amec Foster Wheeler Energy Ltd has entered into a deferred prosecution agreement with the UK Serious Fraud Office after judicial approval.
Last week, John Wood said it would pay USD177 million in compensation, disgorgement & prejudgement interest, fines and penalties as part of deals with several regulatory authorities in the UK, US and Brazil to resolve bribery and corruption investigations involving Amec Foster Wheeler.
At that time, the Aberdeen-based energy services provider said it had signed the agreements with the UK's Serious Fraud Office, the Department of Justice and Securities & Exchange Commission in the US, as well as the Ministerio Publico Federal, Comptroller General's Office and Solicitor General in Brazil.
John Wood on Friday said this formalises the company's resolution with the SFO concerning the use of third-party agents for bribery and corruption in the legacy Foster Wheeler business.
The agreement covers conduct in five jurisdictions - Nigeria, Saudi Arabia, Malaysia, India and Brazil - over the period 1996 to 2014, before Amec PLC acquired Foster Wheeler and prior to the combined firm's acquisition by John Wood in October 2017.
"Receipt of judicial approval in the UK officially concludes the investigations into legacy Amec Foster Wheeler. We are pleased to have resolved these historical issues, which pre-date our acquisition of the business in 2017, and can now look to the future," said Chief Executive Robin Watson said on Friday.
Shares in John Wood closed down 1.0% at 225.73 pence in London on Friday.
By Lucy Heming;Â [email protected]
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