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SFO fines Balfour Beatty £2.25m

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Date: Monday 06 Oct 2008

LONDON (ShareCast) - Balfour Beatty has agreed to pay £2.25m plus costs after the Serious Fraud Office (SFO) investigated payment irregularities at one of the construction firm’s subsidiaries.

The company first identified problems in early 2005 related to a joint venture contract to build the Bibliotheca Alexandrina in Egypt, completed in 2001. Its findings were reported to the SFO in April that year.

The fraud office found that the subsidiary, discontinued over seven years ago, failed to keep accurate records regarding the contract, but decided that no charges will be brought against any company or individual.

“There is no suggestion of any improper overall commercial advantage accruing to the company nor any financial advantage being gained by any individual employee and no adjustment is required to any Balfour Beatty financial statements,” read a company statement Monday.

The money was recovered by the SFO through a Civil Recovery Order which allows the seizure of property obtained through unlawful conduct without the need to secure a criminal conviction.

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