UK-based Petrofac confirmed on Thursday that it will conduct an internal investigation after media reports surfaced alleging that a former executive authorized bribe payments.
The Times (UK) said documents it examined suggest a former Petrofac executive authorized about $2 million in payments to help the firm win a contract in Kuwait.
The payments were allegeldy made in 2007 through a bank account in the Marshall Islands, Arabian Business said.
An investigation conducted by Fairfax Media and The Huffington Post that was also published last week alleges that Monaco-based Unaoil “paid bribes in several countries to benefit Petrofac” and other energy firms.
Unaoil is currently being investigated by the Serious Fraud Office in the UK.
Authorities in Monaco reportedly raided Unaoil’s offices and questioned company executives earlier this month in cooperation with the Serious Fraud Office’s investigation, according to the Wall Street Journal.
Unaoil has denied any wrongdoing.
“We have been shocked by how these allegations have, without any due process, been repeated. We are determined to ensure that we are not wronged, and we are starting that process. At this point we are engaging with authorities and are considering what actions we will take,” Unaoil said in a statement.
Petrofac said it does not currently have any evidence of wrongdoing.
The company has appointed Freshfields Bruckhaus Deringer and KPMG LLP to assist in conducting a full investigation.
The findings will be reported directly to the Petrofac Limited Board.
“We take any allegations of activities that may contravene our strict anti-bribery and corruption standards very seriously….We aspire to the highest standards of ethical behavior and we are determined to investigate these allegations to the fullest extent possible.” Petrofac said.
The company has not disclosed further details about the investigation.