Keystone Law is getting ready to launch a claim on behalf of institutional investors who have suffered significant losses on their Petrofac investments since at least 2010.
The team, led by senior litigators George Lambrou, Matthew Reach and Robert Lawrie, has joined forces with litigation funder, Innsworth, to mount legal action against the oil services company.
The claim is centered on allegations that Petrofac was involved in bribery, corruption and money laundering, which first emerged in press articles in early 2016. Petrofac saw billions wiped off its value in 2017 when the SFO confirmed its investigation.
The value of the shareholder claim is expected to be in excess of £400,000,000.
Matthew Reach, leading on the case said:
“The wrongs committed by Petrofac, to the detriment of its shareholders, are plain to see. Together with litigation funder, Innsworth, we are pursuing redress on behalf of a group of institutional investors. Any institutional investor that has suffered loss as a result of the revelations about Petrofac’s involvement in bribery and corruption should contact us to discuss their claim.”