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XYX Deferred Prosecution Agreement Revealed

10 September 2019
The identity of an anonymous counterparty to the second Deferred Prosecution Agreement or "DPA" has been revealed. 

The matter has been known as "XYZ Ltd" since 2016 and it has now been revealed that the SFO has agreed a DPA with Rotherham based tech company Sarclad Ltd. The company self reported to the SFO following an internal investigation identifying potential issues with numerous transactions. 

Reporting restrictions were in place due to criminal proceedings against three employees and ex-employees of the company. Following their acquittal for conspiracy to corrupt and conspiracy to bribe the reporting restriction has been lifted. 

Sarclad Ltd accepted guilt for corruption and failure to prevent bribery in relation to systemic use of bribes to secure contracts for the company, in excess of £17 million from 2004 to 2012. As part of the DPA, Sarclad Ltd has agreed to pay financial orders of over £6.5 million comprised of £6.2 million disgorgement of gross profits and £352,000 financial penalty. The US arm of Sarclad also paid £1.9 million, a figure which represented a significant proportion of dividends they received from the UK arm.   

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