John Wood Group Reaches Settlement With Scottish Authorities

John Wood Group Reaches Settlement With Scottish Authorities On Unaoil Investigation


John Wood Group Reaches Settlement With Scottish Authorities On Unaoil Investigation
LONDON (dpa-AFX) - John Wood Group Plc. (WDGJF.PK, WG.L) said Tuesday that its subsidiary WGPSN Holdings has reached a civil settlement with Scotland's Civil Recovery Unit regarding the historical engagement of Unaoil by a legacy joint venture and potential unlawful conduct.
As per the terms of the settlement, Wood has agreed to pay a total of 6.46 million pounds or $9 million to the Crown Office and Procurator Fiscal Service.
The civil settlement relates to conduct in Kazakhstan in the period between 2008 and 2010. A joint venture in the legacy PSN business, which was acquired by Wood in 2011, paid Unaoil a total of about US$8.74 million in fees. Payments were on a commission basis and continued until 2015 although there is limited evidence of what services Unaoil provided for these fees.

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