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By Mike Mitchell |
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February 8, 2010 -
Under the
agreement with the Department of Justice, which requires court approval,
the Company will plead guilty to one charge of conspiring to make false
statements to the U.S. Government in connection with certain regulatory
filings and undertakings. The Company will pay a fine of $400 million
and make additional commitments concerning its ongoing compliance. |
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Under the agreement with the with the United States Department Of
Justice And United Kingdom Serious Fraud Office, the Company will plead
guilty to one charge of breach of duty to keep accounting records in
relation to payments made to a former marketing adviser in Tanzania.
The Company will pay an agreed penalty of £30 million comprising
a fine to be determined by the Court with the balance paid as a
charitable payment for the benefit of
The Company issued the following statement from Chairman Dick Olver
concerning the settlement:
"In 2000, the Company gave a commitment to the U.S. Government that it
would establish and comply with defined
"In connection with the sale of a radar system by the Company to |
"These settlements
enable the Company to deal finally with significant legacy issues.
In the years since the conduct referred to in these settlements
occurred, the Company has systematically enhanced its compliance
policies and processes with a view to ensuring that the Company is as
widely recognized for responsible conduct as it is for high quality
products and advanced technologies."
BAE Systems is a
global defense, security and aerospace company delivering a full range
of products and services for air, land and naval forces, as well as
advanced electronics, security, information technology solutions and
customer support services. With approximately 105,000 employees
worldwide, BAE Systems' sales exceeded £18.5 billion (US $34.4 billion)
in 2008.
Campaign Against
Arms Trade (CAAT) and The Corner House are shocked and angered by the
decision of the Serious Fraud Office (SFO) to settle with BAE Systems.
As a result of the settlement there will be no opportunity to discover
the truth behind alleged bribery and corruption in the many BAE deals
that were under investigation by the Serious Fraud Office.
While the
acceptance of guilt in relation to
The SFO settlement
was announced in conjunction with the US Department of Justice whose
fine concerned BAE's deals with
Kaye Stearman,
spokesperson for CAAT, says: "CAAT is outraged and angry that the
allegations about BAE will not be aired in a criminal court and that the
Serious Fraud Office has accepted a plea bargain relating only to the
smallest deal. After the Government stopped the SFO's inquiry into the
company's Saudi deals, it was even more important the truth about its
dealings in central and eastern Europe and
Nicholas Hildyard
for The Corner House says: "Given BAE's admission of guilt today in the
Background: In
December 2006 the SFO dropped its corruption investigations into BAE's
arms sales to
The SFO began
drawing up the legal papers for the recommended prosecution against BAE
on 1 October 2009, following its six-year investigation into alleged
bribery in BAE arms deals with several other countries (
On 29 January
2010, the SFO charged Count Alfons Mensdorff-Pouilly with conspiracy to
corrupt in connection with BAE's deals with eastern and central European
governments including the |
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