Scottish engineer Weir Group (LSE: WEIR) has agreed to plead guilty to two charges of breaching UN sanctions in connection with a number of UN sanctioned Oil for Food programme contracts awarded between 2000 and 2002.
Following the guilty plea, the Company will be subject to a confiscation order in respect of its benefit from the offences. Subject to the Court's approval, the Company has agreed the amount of this confiscation order at £13,945,962 [$22m]. In addition the Company will be liable to a fine, the amount of which will be decided by the Court following the hearing.
Lord Smith, Chairman of Weir, commented: "What happened was wrong. As I said in 2004, I am bitterly disappointed that this went on within the Weir Group. Since 2004, when we first disclosed the issue, we have radically overhauled procedures. A strong ethics culture is in place across the Group and it is the reference point for everything we do."
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