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The Bribery Act 2010 was introduced in July 2011 and now means that failing to report bribery is a corporate criminal offence. A bribe is defined as the giving, receiving or promising of an advantage – which could be money or a service – in exchange for an illegal act or a breach in trust. A company must provide a framework of training and anti-bribery procedures in order to avoid repercussions from employees who have been involved in the illegal activity.
In the end of October, Alistair Baird, the regional managing director of Barratt Developments, was arrested and suspended from his role at one of the largest residential property development companies in the UK, following an internal audit relating to ‘possible misconduct in the process for awarding and managing certain material and sub-contract supply contracts in the London region’.
Barratt Homes has since appointed a top accounting firm to audit the company and review the mechanisms of tendering and procurement of contractors.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.