Weir Group PLC
Approved Evidence
Weir Group Pleaded Guilty Over Iraq Oil-for-Food Kickbacks and Paid £16.9 Million
In December 2010, The Weir Group PLC pleaded guilty in Scotland to two charges of breaching United Nations sanctions in connection with contracts awarded under the Iraq Oil-for-Food programme. Weir's own 2010 annual report states that the offences concerned contracts awarded between 2000 and 2002 and resulted in a £13.9 million confiscation order and a £3 million fine. The World Bank's Stolen Asset Recovery Initiative, citing the Crown Office and Procurator Fiscal Service, records that Weir paid more than £3 million in kickbacks through a Swiss bank account in return for contracts from Saddam Hussein's government. Weir subsequently stated that the conduct was wrong and that it had overhauled its compliance procedures. Sources: The Weir Group PLC — 2010 Annual Report https://www.global.weir/globalassets/investors/reporting-centre/2011/weirgroup_2010_ara_complete.pdf World Bank StAR — Weir Group plc case summary https://star.worldbank.org/asset-recovery-watch-database/weir-group-plc