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| Balfour Beatty reaches settlement on Bibliotheca Alexandrina issues In early 2005, Britain's biggest construction firm, Balfour Beatty, identified certain payment irregularities, in respect of the execution of its joint venture contract to build the Bibliotheca Alexandrina in Egypt. The contract to build the Bibliotheca was entered into in 1996 and was completed in 2001 by a Balfour Beatty business which was discontinued over seven years ago. Balfour Beatty carried out its own fully documented internal investigation of the irregularities identified and self-reported the findings to the appropriate authorities, including the Serious Fraud Office (SFO), in April 2005 for further investigation. The SFO investigation has determined that there was a failure to keep accurate records within a subsidiary of Balfour Beatty in respect of the contract, that no proceedings should be commenced against any individual or corporate body arising out of the investigation and has concluded that the matter is suitable for civil resolution. There is no suggestion of any improper overall commercial advantage accruing to the company nor any financial advantage being gained by any individual employee and no adjustment is required to any Balfour Beatty financial statements. Balfour Beatty has agreed to pay a sum of £2.25 million in respect of a Civil Recovery Order, plus a contribution towards the costs of the Civil Recovery Order proceedings in full and total settlement of this matter. write your comments about the article :: © 2008 Construction News :: home page |