The Serious Fraud Office (SFO) has this month secured a second deferred prosecution agreement which will see a business pay in excess of £6million for corruption and bribery offences.
The deal which had been struck between the unnamed company and the fraud investigators was approved by Lord Justice Leveson last Friday.
The counterparty to the agreement has been identified only as “a UK SME”, with the SFO revealing that the firm cannot currently be named as a result of related legal proceedings which are still ongoing.
The suspended charges relate to an eight year period beginning in June 2004, in which a number of the company’s employees and agents were involved in the offer and payment of bribes in order to secure contracts overseas.
The activity prompted a lengthy investigation by officials at the SFO.
David Green QC, the SFO’s director, said: “This case raised the issue about how the interests of justice are served in circumstances where the company accused of criminality has limited financial means with which to fulfill the terms of a DPA but demonstrates exemplary co-operation.
“The decision as to whether to force a company into insolvency must be balanced with the level and nature of co-operation and this case provides a clear example to corporates. The judgment sets out the considerations in detail and endorses the approach we took.”
Lord Justice Leveson said: “[This conclusion] provides an example of the value of self-report and co-operation along with the introduction of appropriate compliance mechanisms, all of which can only improve corporate attitudes to bribery and corruption.”
The first agreement of this kind was reached last year, when a plea deal between the authorities and the London-based Standard Bank was approved by the courts.