U.K. Serious Fraud Office Investigates Unaoil

U.K. authorities on Tuesday said they are conducting a criminal investigation into a Monaco oil contractor on allegations of "bribery, corruption and money laundering."

The investigation by Britain's Serious Fraud Office is the latest into Unaoil SAM, which also is being investigated over allegations of corruption in Monaco and by oil companies such as Petrofac PLC.

The SFO said it had been approached by a number of sources who may have information relevant to an investigation of the company. The SFO urged others with information about Unaoil to come forward.

The SFO said it began the investigation in March "into the activities of Unaoil, its officers, its employees and its agents in connection with suspected offences of bribery, corruption and money laundering."

Unaoil declined to comment on the SFO investigation. The company has previously denied corruption allegations that were reported by Australia-based Fairfax Media and by the Huffington Post in March

"We stand by our firm's legacy and look forward to the facts of this case being properly brought to light," the company had said in May in reaction to media reports.

The SFO declined to comment further.

The Fairfax and Huffington Post reports have also triggered probes in Monaco and Iraq, where officials say they are investigating bribes and other alleged corruption.

Monaco and Iraqi officials didn't respond to requests for comment on Tuesday night.

U.K. oil-services company Petrofac, among the largest oil contractors in Iraq, opened an investigation into allegations about Unaoil in April. The company had said at the time that it hadn't found any evidence of wrongdoing. But it said it had appointed law firm Freshfields Bruckhaus Deringer and consultancy KPMG LLP to assist in conducting a full investigation.

Petrofac on Tuesday didn't have an immediate response to inquiries for comment.

Write to Summer Said at [e-mail]

(END) Dow Jones Newswires

July 19, 2016 17:15 ET (21:15 GMT)

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