United Insurance Brokers Limited (UIBL), who are a Lloyd's broker, were charged today and representatives of the firm have been ordered to appear before Westminster Magistrates' Court on 7th May to face the charges.
The alleged offences took place between October 2013 and March 2016, and the SFO alleges that UIBL’s 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 “failure to prevent bribery” case is heard by a jury.
UIBL offered re-insurance services which were sold to state insurers covering parts of the Ecuadorian public sector, including the state water and electricity companies. UIBL received a US$6.2 million commission to provide these services, of which US$3.2 million was allegedly paid to intermediaries.
They are accused of subsequently paying bribes to an Ecuadorian official in exchange for the contract.
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."
