John Wood Agrees To Pay $177 Mln To Settle Amec Foster Bribery Case

United Kingdom-based global engineering company John Wood Group plc (WDGJF.PK,WG.L) agreed to pay $177 million to settle a U.K.-led bribery and corruption probe into its subsidiary Amec Foster Wheeler.

The settlement amount will be phased over the next three years with about $62 million payable in the second-half of 2021, and the balance to be paid in instalments in 2022, 2023 and 2024, John Wood said in a statement.

The settlement relate to historical conduct which occurred before Amec plc acquired Foster Wheeler AG in November 2014 and prior to the combined firm's acquisition by Wood in October 2017.

John Wood Group said it reached agreements with the Serious Fraud Office in the UK, the Department of Justice and Securities and Exchange Commission in the US, and the Ministério Público Federal, the Comptroller General's Office and the Solicitor General in Brazil, to resolve their respective bribery and corruption investigations into the past use of third parties in the legacy Amec Foster Wheeler business.

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