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Amec hit with SFO fine

Published on 28 Oct 2009 under category: legal

An engineering and construction firm has been hit with a £4.9 million fine by the Serious Fraud Office (SFO).

The UK fraud crimes body handed out the penalty to Amec after it was found that the company had failed to keep accurate records.

This referred to £9 million (£5.5 million) of "irregular receipts" in relation to a construction project in Korea.

According to the fraud crimes body, the firm was guilty of "unlawful conduct" in terms of the way in which payments for work this were added to its records.

Because of this, Amec has been handed a Civil Recovery Order which states that it must pay £4.9 million plus costs.

The issue first came to light in 2007 and the SFO launched an investigation the following year.

Last week, the SFO launched an investigation into City financier and Leyton Orient Football Club vice-chairman Nick Levene, amid allegations from investors that he owes them money.

If you require advice on Corporate Fraud please call us on +44 (0)20 7831 0101 and ask for Dan Hyde.