Settlements

ST-41
AMEC plc
AMEC plc
United Kingdom
Serious Fraud Office
Unspecified
2009
10/26
United States
Legal Person
Civil
Civil Recovery Order (Proceeds of Crime Act)
Civil Recovery Order, Legal Costs
$8,057,800.00
$8,057,800
$0
$0
$0
Art.16, Art.26
Art. 1, Art. 2, Art. 8
Inaccurate books and records, in violation of Section 221 of Companies Act 1985
Inaccurate books and records, in violation of Section 221 of Companies Act 1985
Yes
According to the October 26, 2009 press release by the UK Serious Fraud Office (SFO), AMEC made a referral to the SFO in March 2008, following an internal investigation into the receipt of irregular payments made between November 2005 and March 2007, and associated with a project [unnamed] in which AMEC is a shareholder. SFO investigated and in a Consent Order agreed before the High Court on October 26, 2009, AMEC agreed to a settlement payment of GBP 4,943,648 plus the costs incurred [amount not given; unable to add to entry] as a result of the Civil Recovery proceedings. The press release stated that "It is not possible to make any further comment as there is an ongoing criminal investigationinto related matters." (Source: UK Serious Fraud Office Press Release, "SFO Obtains Civil Recovery Order against AMEC plc," October 26, 2009, accessed at http://www.sfo.gov.uk/press-room/latest-press-releases/press-releases-2009/sfo-obtains-civil-recovery-order-against-amec-plc.aspx.) AMEC's announcement on the settlement noted that the payments totalled some US $9 million and was associated with the last remaining Private-Public Partnership project and the division it belonged to was divested in mid-2007. (Source: AMEC plc, "AMEC plc - Statement on civil recovery order," October 26, 2009, accessed at http://www.amec.com/media/news_releases/2009/AMEC_statement_on_civil_recovery_order.htm). Media reports that the project in question was the Incheon Bridge project in South Korea. (Source: Simon Bowers, "Amec and Serious Fraud Office settle $9m 'irregular receipts' case," The Guardian, October 26, 2009, accessed at http://www.guardian.co.uk/business/2009/oct/26/amec-sfo-settlement/print.)