Petrofac: Two former executives charged with bribery by UK anti-fraud agency
The UK anti-fraud agency has revealed it charged two former Petrofac senior executives with bribery over influencing contracts awards.
The Serious Fraud Office (SFO) has charged Marwan Chedid and George Salibi, who worked in various senior roles within Petrofac Group in the United Arab Emirates (UAE).
The SFO alleges that from 2012 to 2018, Chedid and Salibi were involved in offering and paying agents over $30m to influence the awarding of contracts worth approximately $3.3bn in Petrofac’s favour.
The contracts related to oil facilities in the UAE, including one for the infrastructure and design of the second largest oil field in the Gulf – the Upper Zakum Field Development Project.
Both men are due to appear at Westminster Magistrates’ Court on 19 February 2024 to hear the charges against them.
Commenting on the news, SFO director Nick Ephgrave said: “Bribery distorts financial markets, erodes trust in institutions and can undermine the global reputation of UK business.”
“We are committed to holding both companies and executives to account when we believe they have committed serious economic crimes,” he added.