A former senior Petrofac executive has been convicted of bribery over corrupt payments the oil services group made to secure almost $4.5 billion of work in Saudi Arabia and Iraq. Shares in the company plunged by a quarter after the Serious Fraud Office said that David Lufkin, Petrofac’s former global head of sales, had pleaded guilty to 11 counts of bribery in connection with its investigation into the company. Petrofac said that “a number of Petrofac individuals and entities” were alleged to have acted together with Mr Lufkin, 51, but said that none had been charged and that “no current board member” was alleged to have been involved. The convictions relate to bribes of more than $50 million that Petrofac allegedly paid “to influence the…

Source: The Times February 07, 2019 12:00 UTC