UK's SFO Charges United Insurance Brokers With Bribery in Ecuador

United Insurance Brokers Limited (UIBL), a UK-based firm, has been charged by the Serious Fraud Office (SFO) with failing to prevent bribery related to reinsurance contracts in Ecuador. The SFO alleges that between October 2013 and March 2016, UIBL’s US-based intermediaries paid bribes to Ecuadorian state officials in exchange for contracts worth $38 million, with $3.2 million of the $6.2 million in commissions allegedly used for these payments. The reinsurance services were provided to state insurers covering sectors such as water and electricity in Ecuador. Representatives of UIBL have been ordered to appear before Westminster Magistrates’ Court in May to face the charges. If the case proceeds to a contested trial, it will be the first time a 'failure to prevent bribery' case by the SFO is heard by a jury. The SFO emphasized the responsibility of British companies to prevent bribery in international business dealings.