In a low key announcement on its website, the Serious Fraud Office (SFO) has announced the first prosecution under the Bribery Act 2010.
The prosecution concerns the activities of four men in relation to the promotion and selling of “biofuel” investment products to UK investors. The offences are alleged to have taken place between April 2011 and April 2012.
This first prosecution serves as a reminder to companies and their directors that there is a legal requirement for them to comply with the provisions of the Bribery Act. All organisations should have in place proper and well monitored anti-bribery policies which should flow through into their purchase and supply contracts as well as their contracts of employment of all relevant employees.
So far there has been no prosecution of a corporation (rather than individuals as now) under the Act, however the Serious Fraud Office has indicated that it is currently running two investigations into companies which it suspects may be in breach of their obligations under the Act. Failure to comply with the Act is a serious matter and a convicted company can face unlimited fines, director disqualifications and even the prosecution of senior employees.
Don’t delay in ensuring that your bribery policies are in place and flow through your commercial processes. We would be happy to help.
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