It is clear where companies have taken substantial steps to reform, the court sees no public interest in bankrupting an otherwise functional business, particularly where there is no guarantee that the alternatives in the market will adopt equally scrupulous oversight mechanisms as a recently chastened organisation which has overhauled its financial crime compliance procedures.Ī dramatic takeover auction for Morrisons over the weekend has fuelled excitement in the grocery sector that further deals could be on the cards – and Tesco is the prime focus. Petrofac have avoided the consequences of attribution of a higher level of culpability solely by virtue of their current financial position. The approach taken in this case may represent, in certain cases, a reassessment of the suitability of DPAs, particularly in cases where a ‘failure to prevent’ offence provides a clear route to conviction avoiding the problems associated with connecting criminal liability to a company’s ‘directing mind’ Since the scheme was introduced in 2014, DPAs have been considered a welcome development for corporations in that they have enabled both sides to mitigate the risks and expense of lengthy trials whilst ensuring that companies make reparation for criminal behaviour This case is a departure from the recent practice of the SFO’s strategy of negotiating deferred prosecution agreements (“DPAs”) with companies avoiding any criminal convictions. Andrew's Hill, says the Petrofac sentencing highlights the Serious Fraud Office's newfound determination to pursue criminal convictions.
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