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    SBMO   NL0000360618

SBM OFFSHORE N.V

(SBMO)
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SBM Offshore N : The Serious Fraud Office Finally Secured The Conviction Of A Fourth Person In Its Long-Running Oil Bribery Investigation

03/15/2021 | 07:11am EDT

Niall Hearty of financial crime specialists Rahman Ravelli believes the outcome will be a big relief to the agency.

A former sales manager of SBM Offshore was jailed for three-and-a-half years for bribing public officials to win oil contracts in post-occupation Iraq.

Paul Bond, 68, was found guilty of two counts of bribery after a retrial at London'sSouthwark Crown Court. He is the fourth executive convicted after a five-year Serious Fraud Office (SFO) investigation into the Monaco-based consultancy Unaoil. The investigation uncovered the payment of more than more than $17 million in bribes to secure contracts worth $1.7 billion.

Unaoil employees were accused of working on behalf of SBM, a Dutch energy services company SBM, to pay over $900,000 in bribes to Iraqi public officials at the country's South Oil Company and Ministry of Oil to win a $55 million contract for offshore mooring buoys.

SBM Offshore was fined $238 million by the US Department of Justice in 2017 under a deferred prosecution agreement.

Basil Al Jarah, Unaoil's former Iraq partner, was sentenced to three years and four months in jail last year after pleading guilty to five bribery counts. Unaoil's former territory managers for Iraq, Ziad Akle and Stephen Whiteley, were jailed for five and three years respectively

The SFO investigation had focused on the Ahsani family, which ran Unaoil. But unsuccessful attempts at extradition, leading to a row with US prosecutors over the extradition of Saman Ahsani, ended the SFO's attempts to prosecute the Ahsanis. In 2019, Saman Ahsani and his brother Cyrus pleaded guilty in the US to paying millions of dollars in bribes in the Middle East, Africa and Central Asia.

This latest conviction comes at an important time for the SFO, as it prepares to respond to the recently-published HMCPSI (HM Crown Prosecution Service Inspectorate) report that found that the agency was not quick enough in responding to complaints about cases and was not keeping adequate records of disputes.

The trial outcome will certainly be welcomed by the SFO. Its lengthy investigation saw one of its senior figures dismissed - and then win a subsequent employment tribunal - and its Director Lisa Osofsky criticised for her communications with a private investigator with links to some of those investigated

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Niall Hearty
Rahman Ravelli Solicitors
36 Whitefriars Street
London
EC4Y 8BQ
UK
Tel: 203947 1539
E-mail: aziz.rahman@rahmanravelli.co.uk
URL: www.rahmanravelli.co.uk

© Mondaq Ltd, 2021 - Tel. +44 (0)20 8544 8300 - http://www.mondaq.com, source Business Briefing

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Financials (USD)
Sales 2021 2 431 M - -
Net income 2021 111 M - -
Net Debt 2021 5 652 M - -
P/E ratio 2021 26,5x
Yield 2021 6,57%
Capitalization 2 691 M 2 690 M -
EV / Sales 2021 3,43x
EV / Sales 2022 3,76x
Nbr of Employees 4 506
Free-Float 74,3%
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Number of Analysts 9
Last Close Price 14,52 $
Average target price 23,22 $
Spread / Average Target 59,9%
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Managers and Directors
Bruno Yves Raymond Chabas Chief Executive Officer
Douglas H. M. Wood Chief Financial Officer
Roeland Ijsbrand Baan Chairman-Supervisory Board
Philippe Barril Chief Operating Officer
Erik Lagendijk Chief Governance & Compliance Officer
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