The case is first prosecution brought in the UK against a company for overseas corruption.
The Serious Fraud Office (SFO) said that the prosecution of Mabey & Johnson (M&J) for corruption arises from the company's voluntary disclosure to the SFO of evidence to indicate that the company had sought to influence decision-makers in public contracts in Jamaica and Ghana between 1993 and 2001.
The decision to disclose the corruption offences voluntarily to the SFO was taken by the management of M&J's holding company in February 2008 and the investigation was opened.
M&J said that the information had come to light in the course of an internal investigation by the company's solicitor, Herbert Smith LLP. Five of M&J's eight directors have stepped down since spring 2008 and new management was installed last year by the holding company.
The prosecution for breach of UN sanctions applies to contracts in the Iraq 'oil for food' programme and arises from an investigation that began in January 2007 and relates to 2001/2002.
The company cooperated with the SFO during the investigation. and has agreed that it will be subject to financial penalties to be assessed by the court, will pay reparations and will submit its internal compliance programme to an SFO-approved independent monitor.
Mabey & Johnson's new managing director, Peter Lloyd, said: "We deeply regret the past conduct of our company, and we have committed to making a fresh start, wiping the slate clean of these offences."
