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Pamplona Capital portfolio company pays out £5.6m over bribery payments

23 Nov 2012

Pamplona Capital Management-backed Scottish oil drilling company Abbot Group has paid £5.6m after admitting it benefited from corrupt payments.

Details of the bribery payments were not disclosed because of potential criminal charges, but Scotland’s Civil Recovery Unit said the corruption related to a contract entered into by one of Abbott’s overseas subsidiaries and an overseas oil and gas company.

The contract was entered into in 2006 and the payments were made in 2007, the CRU said, with the sum to be paid by Abbot representing the profit made by the company under the contract.

Those corrupt payments came to light last year following enquiries by an overseas tax authority which resulted in Abbott hiring solicitors and accountants to investigate.

Abbot reported the results of the investigation to the Crown Office and Procurator Fiscal Service in July this year.

CRU head Ruaraidh Macniven said, “Abbot is the first company to have met the strict criteria of the self-reporting initiative since it was introduced in 2011.

“That initiative enables responsible businesses to draw a line under previous conduct and, providing the criteria are met, affords the possibility of a civil settlement.

“Self-reporting is an important way to ensure that corruption is exposed and that companies put in place effective systems to prevent it.”

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