On 8 July 2016, Sir Brian Leveson LJ approved a deferred prosecution agreement (DPA) between the Serious Fraud Office (SFO) and a company, XYZ, for offences of
- conspiracy to corrupt,
- conspiracy to bribe and
- failure to prevent bribery (under s.7 Bribery Act 2010) in relation to offending between 2004 and 2012.
The financial terms of this DPA, in the unique circumstances of the case, are less severe than those that Standard Bank was required to agree
Notwithstanding those unique circumstances, the court’s general approach suggests that the authorities may now be more willing to approve a DPA with a more beneficial financial outcome for companies who choose self-reporting, rather than seeking to keep quiet or hide things under the carpet.
This is only the second DPA approved and it is the first one approved at a time when there will be a trial of individuals in relation to the underlying issues and offences.
The court imposed reporting restrictions regarding the DPA, including as to the identity of the company concerned and the detailed facts of the case, to avoid any prejudice to the ongoing criminal proceedings relating to individuals. This LawNow explains the reasoning of the SFO and court so far as presently known.
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