2nd Apr 2014 08:43
LONDON (Alliance News) - Sweett Group PLC Wednesday said it is investigating further after evidence came to light suggesting that "material instances of deception" may have been perpetrated by one or more former employees between 2009 and 2011.
The company has been talking with the UK's Serious Fraud Office and the US Department of Justice since allegations were made in the Wall Street Journal in June last year about improper business conduct by a former employee. No proceedings have so far been issued by either authority.
In January, the construction and property consultancy said an independent investigation into the allegation, which the company initiated, had ended after failing to prove the allegation. It said at that time that the investigators had been unable to speak with the former employee.
However, in its statement Wednesday, Sweett said it had commissioned a further independent investigation which is being undertaken on its behalf by Mayer Brown LLP.
"Whilst this investigation is at an early stage and is ongoing, to date still no conclusive evidence to support the original allegation has been found," it said in the statement. "However, evidence has come to light that suggests that material instances of deception may have been perpetrated by a former employee or employees of the group during the period 2009 - 2011. These findings are being investigated further."
The Wall Street Journal article in June last year alleged that a then employee of Cyril Sweett International Ltd in 2010 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.
Sweet Group shares were down 20.1% at 40.745 pence Wednesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
CSG.L