O2 probed by the Serious Fraud Office over bribery allegations

The investigation focuses on dates prior to O2’s merger with Virgin Media

O2 is reportedly being probed by the Serious Fraud Office over allegations of bribery.

The allegations are said to focus around the operators relationship with its retail customers, with The Sunday Telegraph first reporting on the investigation.

It is claimed the investigation dates back before O2’s merger with Virgin Media, which was completed earlier this year.

O2 has declined to comment on the allegations, although in its most recent financial statement under the Virgin Media O2 name cited that it’s co-operating with an ongoing investigation.

In the statement under disclosure requests, O2 referred to the investigation that relates to ‘possible violations of anti-bribery laws and regulations’.

“O2 has been addressing a request for disclosure made by governmental authorities which is related to possible violations of anti-bribery laws and regulations.

It added: “O2 continues to co-operate with the governmental authorities investigating this matter which is still ongoing. Whilst it is not possible at this time to predict the full scope or duration of this matter or its eventual outcome, O2 was able to make a reasonable estimate of the outcome, and recorded an accrual during 2019, which is included in our statement of financial position as of 30 June 2021.”