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Case sheds light on bribe ‘blindness’
8 Jan 2009The scale of Aon's blindness to the likelihood of bribery was staggeringly revealed in one case studied by the FSA.
Aon wanted to reinsure the business of a Bulgarian insurance company. It entered a “framework agreement” with an overseas third party which it told the Bulgarians was for a loss prevention fund. In fact it paid the third party as if it were co-broker to the deal.
Despite the fact the third party was based in the tax haven of the British Virgin Islands and wanted payment made to a numbered Swiss bank account, no one at Aon questioned the deal.
In July 2007 a payment of €1.4 million (£1.25 million) was made.
