Friday, 31 January 2020

Airbus to pay UK's serious fraud office almost €1 billion in corruption settlement

The European aviation giant Airbus has agreed to pay around £840 million that's almost €1bn in settlement of a number of corruption cases with the UK authorities that followed investigations that Airbus had failed to disclose the use of middlemen to secure aircraft deals. in such deals.

The settlement forms part of a massive £3 billion /  €3.6 billion package that also involves payments to the French and US authorities over the issues. 

The serious fraud office was joined in investigating the giant aerospace firm by French authorities from 2016 onwards after Airbus self-reported itself to the regulators asking them to look at documents about its overseas agents use.

The Parquet National Financier, (PNF) in France is scheduled to get about €2.1bn and the US Department of Justice will see around €500m in what are called deferred prosecution agreements or a corporate plea bargain.

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