General

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Statement from Unaoil

10 October 2017

In March 2016, the Unaoil group and the Ahsani family were the subject of a number of press articles, which contained allegations that certain individuals had paid bribes to assist other companies to win business.  These allegations have been vigorously denied.

As a result of the articles, the UK SFO commenced an investigation which is ongoing.  At this time, it is not possible to provide further comment on the investigation. 

While the press articles and the investigations have had a devastating impact on the business of the Unaoil group, with a number of companies in the group having to go into liquidation as a result, the remaining core team of employees is working hard in Iraq to ensure that Unaoil’s obligations to its customers are met in relation to existing engineering and construction contracts, and to ensure that monies owed to Unaoil are received in order to allow the company to make payments to its creditors.

Unaoil is grateful to those of its suppliers, customers, banks and advisors who continue to provide support during this period.