Petrofac ex-manager David Lufkin admits bribe charges as SFO investigation continues

Oil firm Petrofac was hammered today after a former executive pleaded guilty to 11 counts of bribery as part of an ongoing Serious Fraud Order investigation into the company.

David Lufkin, 51, ex-global head of sales for Petrofac, entered his pleas at Westminster Magistrates’ Court yesterday.

The indictments relate to “corrupt offers” made to influence the award of contracts to Petrofac worth in excess of $730 million (£565.9 million) in Iraq and more than $3.5 billion in Saudi Arabia. The SFO investigation has already wiped billions from Petrofac’s share price and it lost another 14% today, down 80p at 478p.

The SFO said its probe will continue into Petrofac’s use of agents in multiple jurisdictions, including Iraq and Saudi Arabia. Lufkin will be sentenced later.

The fraud-busters first swooped on Petrofac in May 2017 arresting the oil service company’s chief executive Ayman Asfari and chief operating officer Marwan Chedid as part of a wider probe into Monaco-based oil and gas consultancy Unaoil.

The SFO alleges that Petrofac secured lucrative service contracts between 2002 and 2009 via Unaoil. Asfari and Chedid were released without charge and returned to the firm in March last year, but its top management has continued to be interviewed by the SFO.

Separately the SFO charged Unaoil employees Basil Al Jarah and Ziad Akle in May last year with conspiracy to give corrupt payments to secure an Iraqi contract worth $733 million. The pair have yet to enter a plea.