SFO charges Lloyd’s insurance broker over Ecuador bribery allegations

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Financial Times 2d ago

SFO charges Lloyd’s insurance broker over Ecuador bribery allegations - Financial Times

Quick Summary:

The insurer said had it started an investigation in 2021 into “reinsurance business activities undertaken in prior years” for which it had made “an appropriate accrual for expected costs to be incurred”.

The UK’s charges against UIB are the ninth investigation announced by the SFO since Nick Ephgrave became its director in September 2023 when it was criticised over the collapse of a number of high-profile cases.

The charges against UIB underline how the UK continues to prosecute suspected corruption by companies abroad, even after US President Donald Trump ordered a pause on enforcement of bribery cases under the Foreign Corrupt Practices Act.