Open

Coming up

Don't miss

Replay


LATEST SHOWS

WEB NEWS

Trash collection goes high tech

Read more

WEB NEWS

Web users react to escalating violence in Gaza

Read more

FASHION

Paris, Haute Couture Fall/Winter 2014-2015.

Read more

REPORTERS

Exclusive: an unlikely victim of the 'War on Terror'

Read more

AFRICA NEWS

2014-07-11 21:47 AFRICA NEWS

Read more

MEDIAWATCH

Finally, a good use for new app "Yo"

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014 (part 2)

Read more

THE WORLD THIS WEEK

The World This Week - 11 July 2014

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

  • Major differences remain as deadline looms in Iran nuclear talks

    Read more

  • Live: Germany take on Argentina, Messi and World Cup history

    Read more

  • Israeli navy attacks Hamas base as tanks line up along Gaza border

    Read more

  • Germany’s Tony Martin wins ninth stage of Tour de France

    Read more

  • French military to extend Mali 'counterterrorism' operations into Sahel

    Read more

  • Germany vs Argentina - history and genius clash in World Cup final

    Read more

  • Boko Haram claims Nigeria attacks and supports Iraqi militants

    Read more

  • Paris’s Bastille Day fireworks ‘an homage to victims’ of WWI

    Read more

  • French court lifts mayor’s ban on Muslim hijab at beach

    Read more

  • Shells land in Russia as eastern Ukrainians flee fighting

    Read more

  • Rival Libyan militias exchange heavy fire at Tripoli airport

    Read more

  • Holland beat hosts Brazil 3-0 to finish third in World Cup

    Read more

  • Iraqi parliament fails to agree on new leadership

    Read more

  • Afghan presidential candidates agree to full vote audit, Kerry says

    Read more

  • Last of the Ramones, Tommy Ramone, dies aged 62

    Read more

  • Video: Outrage in wake of deadly Casablanca buildings collapse

    Read more

Business

BAE to pay 450 million dollars in fines to settle corruption charges

©

Text by News Wires

Latest update : 2010-02-05

Britain's defence giant BAE system announced Friday it will pay fines to settle corruption charges with Britain's Serious Fraud Office (BSFO) and the US Department of Justice. The total amount of the fines will reach about 450 million dollars.

AFP - Defence giant BAE Systems said Friday it had agreed to pay fines of nearly 450 million dollars to settle corruption charges with Britain's Serious Fraud Office (SFO) and the US Department of Justice.

The fines -- 400 million dollars to the DoJ, and 30 million pounds (47 million dollars) to the SFO -- are in connection with investigations launched in the United States in 2007, and in Britain in 2004.

Under the US deal, BAE has agreed to plead guilty to one charge of conspiring to make false statements to the US government concerning certain regulatory filings and undertakings.

The DoJ accused the firm of making hundreds of millions of dollars in payments to third parties, in the knowledge that the money would very likely be handed over to people to favour BAE in the awarding of defence contracts.

It claimed BAE had before that intentionally failed to put appropriate anti-bribery measures into place despite assurances to Washington that it would -- and afterwards, failed to inform US authorities about the payments.

Under the British deal, BAE said it would plead guilty to one charge of breach of duty to keep accounting records concerning payments made to a former marketing advisor in Tanzania over the sale of a radar system in 1999.

The commission payments were not properly recorded, and BAE "failed to scrutinise these records adequately to ensure that they were reasonably accurate and permitted them to remain uncorrected", the firm's chairman Dick Olver said in a statement.

He concluded: "The company very much regrets and accepts full responsibility for these past shortcomings."

BAE will pay the 30 million pounds as a charitable payment for the benefit of Tanzania.
 

Date created : 2010-02-05

Comments

COMMENT(S)