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Sweett Group (CSG)

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Monday 14 July, 2014

Sweett Group

Wall Street Journal Allegation - Update

RNS Number : 1878M
Sweett Group PLC
14 July 2014

14 July 2014


Sweett Group plc ("Sweett Group" or "the Group")


Wall Street Journal Allegation - Update



Sweett Group (AIM: CSG.L), notified the Serious Fraud Office (SFO) last year about an allegation of impropriety concerning the conduct of a former employee in 2010, which was reported in the Wall Street Journal in 2013.


That former employee operated from an office in Dubai under contract with Cyril Sweett International Limited (CSI).  CSI is a company registered in Cyprus and is a wholly owned subsidiary of Sweett Group plc.


Sweett Group initiated independent investigations of the allegation and has been keeping the SFO regularly informed as to the progress of those investigations.


As was reported on 2 April 2014, evidence came to light that suggests that material instances of deception may have been perpetrated by a former employee or employees during the period 2009 - 2011. One of the former employees refused to answer questions asked of him by the independent investigators.


The SFO has now decided to exercise its statutory powers under the Criminal Justice Act to investigate this matter.  Sweett Group continues to cooperate fully with the SFO on this matter.



For further information, please call:


Sweett Group plc

+44 (0)20 7061 9000

Dean Webster, Chief Executive Officer

Patrick Sinclair, Chief Financial Officer

Sophie Hull, Head, Corporate Communications


Westhouse Securities Limited

+44 (0)20 7601 6100

Tom Griffiths



+44 (0)20 3757 4980

Billy Clegg

Georgia Mann


About Sweett Group


Sweett Group is a global provider of professional services for the construction and management of building and infrastructure projects.


We have an integrated network of 58 offices in 18 countries across five continents offering cost consulting and project management.  Our service supports clients through every stage of the project life cycle based upon our international expertise and local knowledge. Our strength is our people's world-class talent and expertise through which, we have time and again delivered exceptional results.  The strategy builds on these key strengths.


A modern, progressive company, Sweett Group sets itself apart through people, culture and aptitude to change. By collaborative practices and innovative thinking - supported at all levels - our clients receive an offering that is constantly evolving and improving in response to project needs.



This information is provided by RNS
The company news service from the London Stock Exchange

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