Emma RadmoreThe SFO has charged United Insurance Brokers Limited with failing to prevent its US based intermediaries from bribing Ecuadorian state officials.
The alleged activities happened between 2013 and 2016 and relate to reinsurance sold to state insurers covering parts of the Ecuadorian public sector. The firm received over $6m in commission for the services, of which the SFO says $3m was paid to intermediaries who subsequently paid bribes to Ecuadorian officials in exchange for the contract.
The company has been ordered to appear before a Magistrates’ Court next month – and if the case proceeds to a contested trial, it will be the first time an SFO failure to prevent bribery case has been heard by a jury.