"The Serious Fraud Office has accused a UK insurance company of failing to prevent international bribery in relation to state officials allegedly paid off in Ecuador."
"Nick Ephgrave QPM, Director of the Serious Fraud Office, said: 'The SFO remains committed to stamping out international bribery wherever it may occur.'"
The Serious Fraud Office (SFO) has charged a UK insurance company with failing to prevent bribery linked to payments made to Ecuadorian state officials. If the case proceeds to trial, it would mark a significant legal event, being the first jury trial under the 'failure to prevent' offence, established in 2010. The company allegedly paid a commission of US$6.2 million, with US$3 million funneled to intermediaries who are believed to have bribed an official for contract acquisition. The SFO emphasizes British firms' responsibilities in avoiding corruption in both domestic and international markets.
Read at London Business News | Londonlovesbusiness.com
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