Richard Cannon comments on the recent Petrofac SFO plea deal in Law360

Partner Richard Cannon comments on the recent news that the SFO ordered Petrofac to pay $95m after failing to prevent bribery, in Law360.

Richard’s comments were published in Law360, 4 October 2021, and can be found here. 

“Richard Cannon of Stokoe Partnership Solicitors said the SFO faces the challenge of creating a system that mirrors the U.S. model, while the uncertain outcome of entering into a cooperation agreement acts as a disincentive for defendants.

“We are dealing in an entirely different currency to what the U.S. are. They talk about reward, and we talk about mitigation, so it is always going to be a struggle,” Cannon said. “People need to be cautious about interpreting a policy or establishing a policy on the basis of one case.”

The case is the second corporate guilty plea the SFO has secured in the last five months and represents a departure from the agency’s recent practice of negotiating deferred prosecution agreements, or DPAs, with companies, allowing them to avoid conviction in exchange for a hefty fine.”

Seperately, Richard also commented:

“Whatever is said by law enforcement or industry experts about this case, the market spoke most loudly when Petrofac shares surged by 17% after the sentence was handed down.”