Wood earmarks $196 million for bribery case settlements
By Allister Thomas
16/03/2021, 10:29 amUpdated: 16/03/2021, 5:06 pm
Wood, the Aberdeen-headquartered energy services giant, has earmarked $196million in order to settle bribery cases with authorities in the US, Brazil and the UK.
Wood had expected, as of December 2019, a figure of $46m to settle the matters, but has now revealed it expects to pay more than four times that amount.
The company has been under investigation by the Serious Fraud Office (SFO) over the link between Amec Foster Wheeler, which Wood acquired in 2017, and Unaoil, which has been the subject of a probe since 2016.
The AFW investigation focusses on past use of possible bribery and corruption, and related offences.