9th Dec 2015 14:55
LONDON (Alliance News) - Sweett Group PLC, a construction and property consultancy, on Wednesday confirmed that the UK's Serious Fraud Office has charged it with an offence under the country's Bribery Act.
Confirmation of the charge, made in connection with failing to prevent an associated person bribing another to obtain or retain business for the company, came one week after Sweett Group said it had admitted to an offence under the UK Bribery Act and expects to pay a fine in the near future.
"We welcome this development which brings closure on the Middle East legacy issues a step closer allowing the group to progress unencumbered in the future. This is an important next step in the strategic turnaround of the business," Chief Executive Douglas McCormick said in a statement on Wednesday.
The SFO has been conducting an investigation into the conduct of a former employee of Cyril Sweet International Ltd, a Sweett subsidiary, in the Middle East. Allegations of bribery involving the employee were first made in The Wall Street Journal in 2013, prompting an internal investigation by Sweett which uncovered two contracts deemed suspicious, which the company then reported to the SFO.
Sweett Group reiterated that the charge does not attract a mandatory debarment from public sector tendering under EU or UK law.
Shares in Sweett Group were down 2.1% at 18.61 pence on Wednesday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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