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Airbus to pay record L3bn in fines for 'endemic' corruption
Source: The Guardian
Airbus to pay record £3bn in fines for 'endemic' corruption
UK court sanctions fines after firm admits using agents across world to bribe officials to land high-value contracts
David Pegg and Rob Evans
Fri 31 Jan 2020 17.33 GMT
Last modified on Fri 31 Jan 2020 19.05 GMT
Airbus, Europe’s largest aerospace multinational, is to pay a record £3bn in penalties after admitting it had paid huge bribes on an “endemic” basis to land contracts in 20 countries.
Anti-corruption investigators hailed the result as the largest ever corporate fine for bribery in the world after judges declared that the corruption was “grave, pervasive and pernicious”.
The planemaker agreed to pay the penalties on Friday after reaching settlements with investigators in the UK, France and the US to end inquiries that started four years ago.
In the high court in London, Dame Victoria Sharp, the President of the Queen’s Bench Division, approved the settlement struck with the UK’s Serious Fraud Office (SFO).
She said: “The seriousness of the criminality in this case hardly needs to be spelled out. As is acknowledged on all sides, it was grave.”
-snip-
UK court sanctions fines after firm admits using agents across world to bribe officials to land high-value contracts
David Pegg and Rob Evans
Fri 31 Jan 2020 17.33 GMT
Last modified on Fri 31 Jan 2020 19.05 GMT
Airbus, Europe’s largest aerospace multinational, is to pay a record £3bn in penalties after admitting it had paid huge bribes on an “endemic” basis to land contracts in 20 countries.
Anti-corruption investigators hailed the result as the largest ever corporate fine for bribery in the world after judges declared that the corruption was “grave, pervasive and pernicious”.
The planemaker agreed to pay the penalties on Friday after reaching settlements with investigators in the UK, France and the US to end inquiries that started four years ago.
In the high court in London, Dame Victoria Sharp, the President of the Queen’s Bench Division, approved the settlement struck with the UK’s Serious Fraud Office (SFO).
She said: “The seriousness of the criminality in this case hardly needs to be spelled out. As is acknowledged on all sides, it was grave.”
-snip-
Read more: https://www.theguardian.com/business/2020/jan/31/airbus-to-pay-record-3bn-in-fines-for-endemic-corruption
