UK:
UK Serious Fraud Office To Claw Back Dividends
09 May 2012
De Brauw Blackstone Westbroek N.V.
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On 13 January 2012, the UK Serious Fraud Office
("SFO") won a so-called Civil Recovery
Order under the Proceeds of Crime Act. The order enables the SFO to
claw back dividends from a shareholder of a company convicted of a
criminal offence. In this case, the dividends were received by
Mabey Engineering from a subsidiary which was prosecuted in 2009
for corruption and breach of UN sanctions. The order is said to
represent a milestone for the SFO as it continues to put pressure
on companies to focus on compliance and for investors to carry out
adequate due diligence on companies they invest in.
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