BRAID LOGISTICS has been slapped with a £2.2m fine after it unearthed and then self-reported bribery within its own organisation.
The Glasgow-based company found what it dubbed “potentially dishonest activities” linked to two freight-forwarding contracts dating from 2012.
An internal probe found there had been breaches of the Bribery Act 2010.
The firm dismissed the employees involved and informed the Crown Office of its activities.
As a direct response to the financial punishment, Braid Logistics has now instigated a series of stringent anti-bribery measures and vowed to conduct anti-bribery workshops for all staff members.
Linda Hamilton, head of the Crown Office’s civil recovery unit, said: “It is vital to the health of the Scottish economy that any form of bribery or corruption is identified and stopped as soon as possible.
“Only in this way can businesses who play by the rules flourish, without competing with those who obtain commercial advantage through unlawful means.
“Braid is to be commended for self-reporting the unlawful conduct to Crown Office.”
The firm’s probe discovered that a staff member had created an account used by an employee of a customer to fund holidays, hotels, personal travel, gifts, car hire and cash.
The second case concerned a profit-sharing arrangement which was created to reward the director of a company who placed orders with Braid.
Suzanne Baxter is to step down next month following the departure of CEO Ruby McGregor-Smith
The number of start-ups setting up in London’s tech district fell by 70% over the last year, new research shows
Salvador Amico, partner and head of the Brexit advice team at Menzies LLP, explores how businesses can prepare for Brexit
James Gregory appointed following promotion of incumbent CFO