Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Wood settles bribery cases for £127.5m

© Supplied by WoodWood CEO
Wood chief executive Robin Watson.

Engineering and consultancy firm Wood said tonight it had agreed to settle legacy bribery and corruption investigations in Brazil, the UK and US for £127.5 million.

Wood, of Aberdeen, will pay the sum over the next three years, in line with agreements reached with anti-corruption authorities in the three countries.

About £44.6m will be paid out in the second half of this year, and the balance in instalments in 2022, 2023 and 2024.

The resolutions relate to wrongdoing which occurred before Amec bought Foster Wheeler in 2014 and prior to the combined firm’s acquisition by Wood in 2017.

In the UK, a deferred prosecution agreement (DPA) relating to the use of third-party agents for bribery and corruption in five countries by Foster Wheeler has been agreed.

Wood and the Serious Fraud Office will seek final judicial approval of the DPA from a court on July 1.

The company said it continually “reviewed and enhanced” its compliance programme to mitigate the risk of similar conduct being repeated.

Wood now prohibits the use of sales agents or similar unless required by law.

Chief executive Robin Watson said: “The investigations brought to light unacceptable, albeit historical, behaviour that I condemn in the strongest terms.

“Although we inherited these issues through acquisition, we took full responsibility in addressing them, as any responsible business would.

“Since our acquisition of Amec Foster Wheeler, we have cooperated fully with the authorities and have taken steps to further improve our ethics and compliance programme from an already strong foundation.

“I’m pleased that, subject to final court approval in the UK, we have been able to resolve these issues and can now look to the future.”

Chairman Roy Franklin said: “The historical conduct that led to these investigations does not reflect the values of Wood that unite us as a global team.

“The resolutions underline why we attach such importance to upholding the highest standards of ethics and compliance in all parts of the world where we operate, and why we continue to invest in strengthening our governance in this area.”

Recommended for you

More from Energy Voice

Latest Posts