Sweet Group, the London-listed construction and property consultancy, has ordered a fresh investigation into bribery allegations after uncovering evidence suggesting deception by one or more former employees.
The company said it had commissioned the new investigation from lawyers Mayer Brown and that it was in further talks with Britain's Serious Fraud Office and initial discussions with the US Department of Justice.
Sweet, which concluded an initial independent investigation into the allegations in January, said that since then: "Evidence has come to light that suggests that material instances of deception may have been perpetrated by a former employee or employees of the Group during the period 2009 – 2011. These findings are being investigated further."
Last June, The Wall Street Journal reported that a former employee had allegedly offered to award a construction contract to a New York-based architecture firm as long as it agreed to pay £65m to a United Arab Emirates official.
When Sweet concluded its original investigation, it said: "Investigators were unable to speak to this former employee, who is no longer with the group, as part of their investigation, as a result of which it has not been possible to close it with absolute certainty.
"Having reviewed the results of the investigation to hand, the directors have concluded, however, that the allegation is not proven."
The company said it was cooperating with the SFO and DOJ, adding: "No proceedings have so far been issued by either of them".
Sweett shares fell as much as 26pc on Wednesday.
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