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Ernst & Young: Oil and gas sector has seen the most bribery and corruption prosecutions in the UK
July 21, 2012
By Rob Starr, Content Manager, Big4.com
The oil and gas sector was the subject of the highest number of completed cases over the past four years, according to the Ernst & Young UK Bribery Digest , which reviews completed bribery and corruption cases in the UK. This includes a completed case undertaken in 2012 of individuals involving confidential information supplied to bidders for projects in the oil and gas sector.
Oil and gas is traditionally seen as higher risk because it operates in difficult environments, with the attendant risk of bribes and of facilitation payments. Facilitation payments, often to expedite bureaucratic actions, remain illegal under the new act. Furthermore, joint ventures involving oil and gas businesses, other companies, foreign governments and state-owned entities continue to be a feature of the industry, and carry corruption risks. Those involved in joint ventures are at risk of being liable for any bribes or corrupt activity by any partners acting on their behalf.
Of 26 completed corruption and bribery cases since 2008 the oil and gas sector made up nearly one-fifth of prosecutions (5 completed cases). This was followed by prosecutions concerning the medical goods sector; insurance; and engineering and construction, which each saw three successful prosecutions.