Middle East

CRW undertook an integrity due diligence on the target company, identified and investigated its beneficial owners and assessed the risks attached to the deal and, in particular, the relationships with PEPs. A systematic analysis included mapping declared and undeclared relationships through open-source research and on-the-ground enquiries with reliable local sources.

The client was presented with a risk assessment and advised with risk-mitigation measures which helped the client make sound, risk-based decisions.

Research and on-the-ground enquiries revealed that the management included former army officers with strong connections to highly ranked PEPs and was involved in opaque business dealings in Africa. It was established that tax evasion and corrupt practices were taking place through a complex network of offshore companies which resulted in public contracts.

Although none of the managers or shareholders had faced any criminal charges, the client concluded that the risks attached to this company were beyond its risk-appetite and decided not to engage further with the company.