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Seven days: 19 May 2017

Seven days: 19 May 2017

It's been a bad news week for oil services provider Petrofac (PFC). Management has announced that the group and its subsidiaries are under investigation by the UK Serious Fraud Office (SFO), which it believes is in connection with the ongoing investigation into Unaoil. Petrofac hired Unaoil to carry out consultancy services in Kazakhstan between 2002 and 2009. The SFO opened an investigation into Monaco-based Unaoil in March last year for suspected bribery, corruption and money laundering. The company said it was co-operating with the authorities and that chief executive Ayman Asfari and chief operating officer Marwan Chedid have been questioned under caution by the SFO. Shares in Petrofac closed trading 14 per cent down on the day of the announcement and had yet to recover at the time of going to press (click here for Bearbull's view).

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