19th Feb 2016 16:09
LONDON (Alliance News) - Sweett Group PLC said it was sentenced Friday with a confiscation of GBP851,152 and a fine of GBP1.4 million in relation to offences under UK bribery laws by Southwark Crown Court.
The construction and property consultancy also has been instructed to pay GBP95,000 to cover the prosecution's legal costs. It must pay the confiscation within three months, and 50% of the fine is to be paid by February 2017.
The company admitted to an offence under the UK Bribery Act in December, specifically failing to prevent an associated person bribing another to obtain or retain business for the company.
The SFO had conducted an investigation into the conduct of a former employee of Cyril Sweett 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's Middle East legacy issue is closed, and this marks an important step in the delivery of the company's new strategy," said Chief Executive Officer Douglas McCormick in a statement.
"Over the last year, the company has been transformed with the appointment of a new leadership team, which has successfully addressed key issues facing the business," McCormick said.
"We have strengthened our internal systems, controls and risk procedures, and refined our strategy, focusing on profitability and cash flow. We are excited by the opportunities we see ahead in our core markets the UK, Europe and North America, and we look to the future with confidence," McCormick added.
Shares in Sweett were up 5.3% at 20.00 pence Friday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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