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

29 Apr 2022 03:21 PM

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.”

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