3 Jan, 2024 @ 14:08
1 min read

ENRC could receive multimillion-dollar compensation from the SFO after a ten-year investigation

The UK’s Serious Fraud Office (SFO) will likely be forced to reimburse mining giant Eurasian Natural Resources Corporation (ENRC). This is due to a criminal investigation.

In August this year, the SFO completed a ten-year investigation into ENRC. At the same time, she announced that she did not have enough convincing evidence that could be used in court.

As a result of the claim, which was filed by the largest financial fraud watchdog (SFO), ENRC faced difficulties. They resulted in financial costs and wasted management time. This was announced on Thursday by London High Court Judge David Waxman. The court concluded that without the SFO’s “misconduct” the prosecution would not have been possible. How Financial Times notes , potential compensation could reach multi-million pounds.

Until the spring of 2013, ENRC decided to end its cooperation with the law firm Dechert. The firm was paid approximately £13 million (equivalent to approximately $16.5 million) for its legal services. The firm later received a refund of almost £9 million of this amount.

The mining giant, whose production capabilities are located in Kazakhstan and several African countries, previously went to court. The claim was directed against the Financial Fraud Office (SFO). ENRC argued that the agency’s actions during the investigation into alleged corruption were illegal. The corporation said Neil Gerrard, a former partner at Dechert LLP, which the mining company hired to conduct an internal investigation in 2010, and the SFO colluded.

ENRC later accused Gerrard of using confidential information about the company for his own benefit. Also in passing this information to the SFO to expand the investigation, which allowed the lawyer to profit from increased legal costs.

By data Wall Street Journal on December 21, Gerrard’s representative declined to comment. In previous statements, Gerrard has insisted that his actions were legal.

Staff Reporter

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