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ARTICLE · 19 JANUARY 2012

SFO Recovers Dividends From Innocent Shareholder

Dechert
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The UK’s Serious Fraud Office ("SFO") today (13 January 2012) announced a new development in its efforts to tackle corruption.

United KingdomCriminal Law
Jonathan Pickworth
Jonathan Pickworth
Caroline Lee
Caroline Lee

Landmark Development in Anti-corruption Enforcement

The UK's Serious Fraud Office ("SFO") today (13 January 2012) announced a new development in its efforts to tackle corruption. Using its civil recovery powers under Part V of the Proceeds of Crime Act 2002 ("POCA"), the SFO has taken action to recover funds from the parent and sole shareholder of a UK company which was convicted in 2009 for various corruption related offences. Today's announcement is significant because it demonstrates that the SFO can recover, through civil action, the proceeds of unlawful conduct already paid out to shareholders, even if those shareholders are completely innocent of the wrongdoing that has occurred. In the context of anti-corruption enforcement, it is also a further pressure point for companies to put in place preventative measures or else they and their shareholders face the consequences.

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