Hydrogen_Economy
13 Aug 2018
SFO Snr Lawyer in charge of Unaoil Case Suspended for Gross Misconduct SKY report, may be helping PFC SP (up 3%). Unclear if suspension is connected to the case. H2 Sky News SFO suspends Unaoil case lawyer weeks before new chief arrives Tom Martin, who has worked at the agency since 2014, has been suspended from his role, Sky News understands. By Mark Kleinman, City editor The senior lawyer in charge of one of the Serious Fraud Office’s biggest criminal investigations has been suspended just weeks before the agency’s new director arrives in her post. Sky News has learnt that Tom Martin‎, who has been managing the SFO’s sprawling probe into Unaoil, a Monaco-based oil consultancy, was suspended within the last few weeks for gross misconduct. The details of any alleged wrongdoing by Mr Martin were unclear this weekend, including whether or not it relates to the Unaoil case. Two people close to the SFO said they were aware of rumours of his suspension but that they had not been notified of the reasons for it. Mr Martin, who has been a case controller and senior lawyer at the fraud-busting agency for just over four years, could not be reached for comment. Emails to him were responded to with an automatic reply saying: “I am not in the office at present. Please contact a member of the relevant case team for further assistance.†Mr Martin was previously a lawyer at the Financial Reporting Council, the accountancy watchdog, where he also spent four years. The SFO’s case against Unaoil is one of the agency’s largest criminal investigations, and has led to a number of charges against the company and individuals in relation to payments made to secure a $733m (£574m) pipeline construction project in Iraq. Criminal proceedings against the company were launched in June following a two-year inquiry‎ which began after the Melbourne-based newspaper The Age published reports about companies’ use of consultants to win contracts in regions including the Middle East. The Unaoil case will be among the most important inherited by Lisa Osofsky, a veteran of roles fighting financial crime‎, when she replaces David Green as the SFO’s director, David Green, next month. A dual UK-US citizen, ‎Ms Osofsky was appointed by Jeremy Wright, the-then Attorney-General, in June.
Hydrogen_Economy
26 Jun 2018
PFC Trading Update Guardian has a negative story implying further facilitation via consultants who they refused to pay after the SFO investigation was launched. What’s worse, bribery or cheating the middle man? You’d almost think Guardian timed it to overshadow the TU! H2 the Guardian – 25 Jun 18 Oil firm headed by Tory donor refused to pay £14m consultancy bill Consultant alleges Petrofac refused to pay because of SFO investigation into its activities The oil and gas services company Petrofac, headed by Ayman Asfari, had received an invoice from Urbania International Management Consultancy for 71m UAE dirhams (£14m). However, in court papers filed in Jersey, Urbania alleged that Petrofac refused to settle its bill after the SFO launched the investigation into the oil company’s activities, arguing it would not be “appropriate†to make the payment.
Hydrogen_Economy
26 Jun 2018
PFC Trading Update No big surprises, comparison with June 17 TU - orders slightly up, debt down, backlog down, employees down. I can’t see this prompting any big SP move. SP already down ~18% from May highs, I’m inclined to buy back a few sold then. New order intake of US$1.8 billion in the year to date (US$1.7 billion 2017) • Group backlog stood at US$9.7 billion at 31 May 2018: (US$13.0 billion 2017) • Net debt expected around US$0.9 billion at 30 June 2018 (US$1.1 b 2017) • Around 12,500 employees, (13,500 in 2017) H2
Hardboy
06 Jun 2018
Re: Top Sliced "this is going nowhere fast "That is always a risky statement when a company has an ongoing SFO investigation: as soon as there is some outcome the share price will almost certainly move a large amount - fast; but when that will be, who knows.
shugg1e
05 Jun 2018
Re: Top Sliced still out this is going nowhere fast if anything im thinking of shorting at under 540p if it falls again
veksi
05 Jun 2018
Re: New Head of SFO Yes maybe Petrofac gets an unrealistic £2 billion fine that will sink the company.Or they get £200 mill fine and that’s a piece of cake.Or she finds nothing and drops the case due to lack of evidence.Guess work either way.Whilst shorts are increasing, AQR are reducing for some reason.
MyHobby
04 Jun 2018
New Head of SFO Lisa's not going to let this case slip out of her new regime's hands.Either they'll win come what may or delay conclusion until more evidence is gathered.I think the odds are stacked against us.D
veksi
24 May 2018
Shorts Short interest has increased this month quite a bit. Maybe they’ve had an effect on the sp recently?The biggest short AQR has steadily reduced, now down to 1.79%.Lot of other shorters going the other direction.Joining the party late ?Total reported shorts now up to 7.74% so back up from 6%.Let’s hope they get burned for it. [link]
Baker2005
23 May 2018
Re: Top Sliced Shugg1e, so are you 100% out now ?I am glad I exited when I did. We might see 450-500 range here IMO over the next month or so. Will re-enter if that happens
shugg1e
21 May 2018
Top Sliced Sold half this morning due a pullback stop order set at 580 for the rest.With the markets strong today and these down its looking ominous for a larger drop. Possible head and shoulders top hence stop order just below the neckline
MyHobby
18 May 2018
Re: AGM Did they give any reason behind the rate of work winning dropping off?
marktime1231
18 May 2018
AGM Can understand a few objecting to Asfari, but 20% against the remuneration package ... what was the problem?The AGM statement was positive in that they are winning new business and bidding hard, but not back to the rate of previous years. Clouds still overhead. So maybe the recent drop is more than just a failed bond issue, were they subbing to Total or hoping to develop business in Iran?Watching this closely, if oil prices sneeze we may catch a cold.
Hydrogen Economy
17 May 2018
Bond Failed This looks it is behind the dropFrom Arbitrade on LSE,[link] extends decline to session low, dropping as much PFC LN Equity as 9.7%, with volume ~1.3x 3-month daily average; failure to price new bond on Tuesday as expected is a £minor setback,£ Bernstein analyst Nicholas Green says in note. Cites £insufficient capital market appetite£ for bond issue, $200m of which was intended to help repay $677m bond due in October. October 2018 bond will now be paid out of existing liquidity via cash and/or facilitiesBernstein:£Minor setback for Petrofac£ as management had discussed preference for new bond; 6% coupon was £insufficient£ to attract enough interest Using cash or facilities to pay down October 2018 bond will reduce Petrofac£s liquidity buffer, which isn£t a £major£concern but is a negativ
veksi
17 May 2018
Bond sale Apparently 200m bond sale with 6% coupon failed, hence the drop. It's hardly lot of money also considering credit rating was upped earlier. But shows the market still has doubts. Any asset sales makes this issue a little irrelevant. But as it is, petrofac gets knee jerks sell-reaction every time on bad news. This will persist until SFO investigation is cleared. The bond sale with 6% coupon didn't attract enough interest. For me that is negative only short term, linger term its only irrelevant. Cash position is improving.
shugg1e
17 May 2018
Re: Morgan Stanley Just the usual bear raid to steal some stock at the stop loss orders i suspect many had 600p in place so the MMs cleaned up today with a run down to 585p.Notice how the price returned back up with a lot of strong buying interest all is good.
