Serious Fraud Office
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Serious Fraud Office recovers almost £600k from bank accounts of former Petrofac fixer

The Serious Fraud Office (SFO) has recovered £567,466.53 from personal bank accounts linked to a former fixer for the Petrofac group. 

The three bank accounts – all linked to the Basim Al Shaikh (now deceased) – were identified and then frozen by the SFO on 3rd February 2021, on suspicion of containing the proceeds of crime.

Mr Al Shaikh worked as an agent for Petrofac’s business in the United Arab Emirates and paid bribes to secure contracts for the Petrofac group. He used two United Arab Emirates companies, Gulf Development Marine Services (GDMS) and Northern Coast Construction Materials (NCCM) to launder these bribes.

Westminster Magistrates’ Court granted three account Forfeiture Orders on 28th April 2022 under the Proceeds of Crime Act 2002 and confirmed this money could be recovered by the SFO on behalf of the Government.

Emma Luxton, Head of Proceeds of Crime and International Assistance at the Serious Fraud Office, recently said:

“Proceeds of crime should never be left in the wrong hands or used for private benefit. The money we identified was paid as bribes, so it’s right that we have tracked this money down and taken action to ensure this money is recovered despite the fact the individual responsible could not be prosecuted.”

Notes to Editors:

  • The Petrofac group is an oil and gas services company.
  • In October 2021, Petrofac Limited pleaded guilty to failing to prevent former senior executives of the Petrofac group from using agents to bribe officials to win oil contracts in Iraq, Saudi Arabia and the United Arab Emirates.
  • Petrofac Limited’s conviction and sentencing in October 2021 brought to a conclusion the SFO’s investigation as far as the corporate entity (and its subsidiaries) is concerned.  The investigation into the conduct of individual suspects continues.
  • Individuals with information potentially relevant to the ongoing investigation into the conduct of individual suspects are encouraged to contact the SFO through our secure and confidential reporting channel
  • Further information about ongoing action by the Serious Fraud Office’s investigation can be seen here: 4 October 2021 and 15 December 2021.

 

Channel website: https://www.sfo.gov.uk/

Original article link: https://www.sfo.gov.uk/2022/04/29/serious-fraud-office-recovers-almost-600k-from-bank-accounts-of-former-petrofac-fixer/

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