12th Feb 2016 17:43
LONDON (Alliance News) - Sweett Group PLC late Friday said a court hearing held in London concerning offences under UK bribery laws resulted in the sentencing being adjourned to a later date.
Sweett Group admitted to an offence under the UK Bribery Act back in December and said it expected to pay a fine related to the offence, and on Friday said the court hearing held at Southwark Crown Court has adjourned sentencing to a later date.
The UK's Serious Fraud Office (SFO) conducted 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 has already admitted to an offence under the UK Bribery Act 2010, specifically failing to prevent an associated person bribing another to obtain or retain business for the company.
Sweett has already said it expects to face a fine following prosecution by the SFO, but said it would not be able to provide any guidance on the size of the fine it will face.
Sweett did not reveal any other information concerning the court hearing or sentencing on Friday.
Sweett shares closed down 5.3% to 18.0 pence per share on Friday.
By Joshua Warner; [email protected]; @JoshAlliance
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