STORY
The UK’s Serious Fraud Office (SFO) has charged United Insurance Brokers Limited (UIBL) with failing to prevent bribery related to contracts in Ecuador.
Between October 2013 and March 2016, UIBL is alleged to have failed to prevent its associates from bribing Ecuadorian state officials to secure contracts with public sector insurers, including those covering water and electricity services. The company reportedly received $6.2 million in commissions for these services, with $3.2 million allegedly paid to intermediaries who then bribed officials to obtain the contracts.
Representatives of UIBL have been ordered to appear before Westminster Magistrates’ Court next month. The SFO’s Director, Nick Ephgrave QPM, emphasized the agency’s commitment to holding companies accountable for failing to prevent bribery.
The case remains open as the SFO continues its investigation.