BAE to Settle Bribery Cases for More Than $400 Million
February 13th, 2010This is right out of Yes, Minister – The Moral Dimension.
Here’s an audio clip from that episode. Note that the name of the “fictional” company is BES, British Electronic Systems *wink*:
Via: Wall Street Journal:
Britain’s BAE Systems PLC reached settlements totaling almost $500 million with the U.S. Justice Department and the U.K. Serious Fraud Office to resolve longstanding corruption allegations that have dogged one of the world’s biggest defense contractors.
Under the agreements, London-based BAE will plead guilty to charges in both countries, relating to transactions that took place before 2002. The investigations examined whether BAE had made illegal payments to officials in various countries to secure lucrative contracts. The accusations have cast a shadow over BAE’s business, even as it has expanded world-wide.
“It allows us to draw a very heavy line under the legacy of very historical issues,” said BAE Chairman Dick Olver. “We’re pleased to see the uncertainty removed.”
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The settlement also allows BAE to continue bidding for government contracts.
Research Credit: Druff
