The Serious Fraud Office (SFO) has obtained a Civil Recovery Order of almost £5 million against AMEC, an international engineering and project management firm.

AMEC made a referral to the SFO in March 2008 following an internal investigation into the receipt of irregular payments. The payments, which were made between November 2005 and March 2007, were associated with a project in which AMEC is a shareholder.

The Director has determined that unlawful conduct occurred in connection with the description entered into AMEC's books and records of the payments in question which amounted to failure to comply with the requirements of section 221 of the Companies Act 1985.

-- Advertisement --

The SFO acknowledges that upon completion of the internal investigation AMEC acted promptly and responsibly in referring the case and has since co-operated with the SFO's investigation into the corporate irregularities.

In a Consent Order agreed before the High Court, AMEC agreed to a settlement payment of £4,943,648 plus the costs incurred as a result of the Civil Recovery proceedings.

Following detection of these irregularities AMEC is improving its ethics, compliance and accounting standards. As part of the settlement AMEC has agreed to appoint an independent consultant to review these improvements and report their findings to the SFO.

(CD/BMcC)