Sweett Group has admitted to bribery offences concerning development contracts in the Middle East.

The Serious Fraud Office (SFO) is currently investigating two 'suspicious' contracts due to allegations made in a Wall Street Journal newspaper report.

The quantity surveying consultant stated it expects to receive a fine, but will still be able to continue public sector contracts in the UK/EU.

The consultant also announced it is to close its Middle East business after it completed the sale of its far East and Indian operations.

Sweett's remaining operations are to be restructured into five business units covering: London; England and Wales; Scotland and Ireland; Mainland Europe; North America.

In a statement, the company said: "The SFO investigation with respect to Sweett Group into the allegations made in the Wall Street Journal in June 2013 is at an end.  During the process of our own investigations two related contracts within the Middle East were identified as suspicious and were duly reported to the SFO. 

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"This has led to an admission by Sweett Group of an offence under Section 7(1) of the UK Bribery Act 2010 (failing to prevent an associated person bribing another to obtain or retain business for the company). 

"Subsequent prosecution is expected, with the likely outcome of a fine, the quantum of which cannot be ascertained at the present time."

CEO of the Group, Douglas McCormick, said: "Today's announcement brings closure on the Middle East legacy issues a step closer, allowing the Group to progress unencumbered in the future.

"This is an important next step in the strategic turnaround of the business."

In addition, the company has reshuffled its corporate team to lead the newly formed businesses:

• Alan Manuel, currently deputy Managing Director of Europe, has been appointed as Regional Managing Director, London.

• Ken Wood, currently Managing Director of Middle East and India, has been appointed as Regional Managing Director, England and Wales.

• Willie Allan, currently Senior Director, Scotland, has been appointed as Regional Managing Director, Scotland and Ireland.

• Paul Jamieson, currently Managing Director of Spain, has been appointed as Regional Managing Director, Europe.

(LM/CD)