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Weir fined £17m for Iraq contract breaches
December 15, 2010
Weir Group, the FTSE 100 engineering company, has been fined £3m after pleading guilty to breaching UN sanctions on oil-for-food contracts in Iraq that it was awarded by Saddam Hussein’s government.
The fine, imposed at the High Court in Edinburgh on Wednesday, has been made in addition to a confiscation order for £14m which the Glasgow-based pumps maker announced it had agreed to pay on Monday as it revealed it was set to plead guilty to two sanction-busting charges.
Weir had previously made provisions against outstanding proceedings in the UK and the US concerning kickback payments made to agents to secure contracts in Iraq before the downfall of Mr Hussein’s regime in 2003.
But ahead of the proceedings, it had declined to quantify these provisions other than saying that it did not expect the outcomes to have a material impact on its financial position.
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