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Compliance Portal
April 17, 2025
The Serious Fraud Office (SFO) has accused a UK insurance broker of failing to prevent international bribery in Ecuador. Representatives of United Insurance Brokers Limited (UIBL) have been ordered to appear before Westminster Magistrates’ Court on 7th May to face charges. The company is charged with failing to prevent associates from bribing state officials in Ecuador between October 2013 and March 2016.
- The company is charged with failing to prevent associates from bribing state officials in Ecuador between October 2013 and March 2016.
- The SFO alleges UIBL’s US-based intermediaries for Ecuador paid bribes in return for the awarding of re-insurance contracts worth US$38 million.
- If this case proceeds to a contested trial, it will be the first time that an SFO “failure to prevent bribery” case is heard by a jury.
- UIBL offered re-insurance services which insure against any losses caused by making significant and unexpected pay-outs for insurance policies.
- This was sold to state insurers covering parts of the Ecuadorian public sector, including the state water and electricity companies.
- UIBL received a US$6.2 million commission to provide these services, of which US$3.2 million was allegedly paid to intermediaries.
- They are accused of subsequently paying bribes to an Ecuadorian official in exchange for the contract.
