SFO settles ENRC's $290 million lawsuit in confidential deal

The Serious Fraud Office has reached a confidential agreement with ENRC to end a $290m lawsuit. Terms of the settlement have not been disclosed.

SFO ends $290 million ENRC legal battle in undisclosed settlement

The Serious Fraud Office has reached a confidential deal with Eurasian Natural Resources Corporation (ENRC) to bring an end to a $290 million lawsuit, Google News UK — Crime (en) reports, citing anti-corruption monitoring organisation Spotlight on Corruption.

The terms of the agreement have not been made public, and neither party has disclosed the conditions under which the case was resolved.

The lawsuit had placed significant pressure on the SFO, the UK's lead agency for investigating and prosecuting serious financial crime. ENRC, a mining and natural resources group with operations across Central Asia and Africa, had pursued the nine-figure claim against the office over the course of its long-running investigation into the company.

The SFO has faced scrutiny over its handling of the ENRC case for a number of years. The investigation into alleged fraud, bribery and corruption at the company stretches back over a decade and has yet to result in a prosecution. The settlement removes one major legal liability from the office, though questions over the underlying criminal inquiry are expected to continue.

Source: Google News UK — Crime (en)