Lawstreet Journal

Airbus Strikes A £3 Billion Settlement To End Bribery & Corruption Investigations

Lawstreet Journal 3 Feb 2020 10:32pm

Image courtesy: Lawstreet Journal Business Airbus Strikes A £3 Billion Settlement To End Bribery & Corruption Investigations

Airbus, an International pioneer in the aerospace industry has agreed to pay €3.6bn (billion) settlement to end the bribery and corruption allegations that have dogged the pan-European aerospace and the defence company for years.The penalties will be paid to the governments of the three countries that investigated Airbus namely United Kingdom (UK), France and the United States (US).

The colossal fine brings an end to almost four years of turmoil for Airbus after an investigation revealed a sprawling global network of third-party sales agents running from the company’s headquarters in Toulouse. Airbus had subsequently reported itself to fraud investigators for misleading statements it made to the UK’s  export credit finance agency about payments made to agents.

The company concluded that it has "reached an agreement in principle" for the settlement of joint investigations by the UK’s Serious Fraud Office (SFO), France’s Parquet National Financier and US authorities. The deal also covered US arms trafficking regulations. The planemaker agreed to pay the penalties on Friday (January 31, 2020) after reaching settlements with investigators in the UK, France and the US to end inquiries that had started four years ago.

The joint settlement with US, French and British authorities is the largest-ever fine in a corruption case and means that Airbus will avoid a criminal probe that could have led to a ban from bidding on public contracts. The company had funnelled illicit payments through tax havens via two companies that it secretly controlled. It used bribes to boost its business in 20 countries, French prosecutor Jean-Francois Bohnert… Continue Reading...

Tagged: Airbus  
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