11th Nov 2014 10:18
LONDON (Alliance News) - Sweett Group PLC Tuesday said it thinks it is doing all it reasonably can to cooperate with a UK Serious Fraud Office probe into its business dealings, even though it said the SFO no longer considers that the company is co-operating because it is continuing its own "independent" investigation into the matters.
Last week, the construction and property consultancy had said it was continuing to cooperate with the SFO as the body probed allegations that were made in the Wall Street Journal in June last year about improper business conduct by a former employee of its subsidiary Cyril Sweett International Ltd.
The paper had alleged the former employee had offered to award a hospital design contract in Morocco to an architecture firm as long as that firm agreed to pay 3.5% of the contract value to an official inside the United Arab Emirates president's personal foundation, which was funding the project.
However, Sweet also said last week that the independent investigation it had commissioned into the affair is nearing completion.
"Sweett Group believes that it is doing all that it reasonably can to cooperate with the SFO investigation while at the same time exercising its fundamental right to legal professional privilege in fulfilling its corporate and regulatory requirements," it said in an update Tuesday.
"In mid-August 2014, Sweett Group took the decision on legal advice to continue its independent investigation. Consequent to that decision, the SFO no longer considered Sweett Group to be cooperating. The company will continue to comply with all reasonable requests made by the SFO, subject to legal professional privilege," it added.
Sweett Group shares were up 13.6% at 24.99 pence Tuesday morning, one of the best-performing stocks on the London market.
By Steve McGrath; [email protected]; @stevemcgrath1
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