UK insurance broker charged with failure to prevent bribery
The Serious Fraud Office (SFO) today accused a UK insurance broker of failing to prevent international bribery.
Representatives of United Insurance Brokers Limited (UIBL) were ordered to appear before Westminster Magistrates바카라 사이트� Court next month.
The broker is charged with failing to prevent associates from bribing state officials in Ecuador between October 2013 and March 2016.
The SFO alleges UIBL바카라 사이트檚 US-based intermediaries for Ecuador paid bribes in return for the awarding of re-insurance contracts worth US$38 million.
If this case proceeds to a contested trial, it will be the first time that an SFO 바카라 사이트渇ailure to prevent bribery바카라 사이트� case is heard by a jury.
UIBL offered re-insurance services which insure against any losses caused by making significant and unexpected payouts for insurance policies.
This was sold to state insurers covering parts of the Ecuadorian public sector, including the state water and electricity companies.聽聽
UIBL received a US$6.2 million commission to provide these services, of which US$3 million was allegedly paid to intermediaries.
The intermediaries are accused of subsequently paying bribes to an Ecuadorian official in exchange for the contracts.
Nick Ephgrave QPM, Director of the Serious Fraud Office, said:
The SFO remains committed to stamping out international bribery wherever it may occur.
British companies have a duty to prevent the harm caused by bribery when doing business at home and abroad, to ensure that the UK remains a safe and fair place to do business.
Representatives of the company will appear before Westminster Magistrates바카라 사이트� Court on Wednesday 7 May to face the charges.
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Updates to this page
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On 1 May 2025 the title of this release was changed from 바카라 사이트楿K insurer charged with bribery바카라 사이트� to 바카라 사이트楿K insurance broker charged with failure to prevent bribery바카라 사이트� to clarify the specific offence. 바카라 사이트楥ompany바카라 사이트� was also replaced with 바카라 사이트榖roker바카라 사이트� and 바카라 사이트榯he intermediaries바카라 사이트� was added in one instance.
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First published.