Fraud watchdogs have announced they are seeking a legal greenlight to prosecute BAE Systems for alleged overseas corruption.

The Serious Fraud Office's offensive comes after a previous investigation into the dealings of the defence giant was called off by the government.

The SFO now wants approval from the Attorney General's Office to prosecute after a probe into the business activities of BAE Systems in Africa and Eastern Europe.

"The Serious Fraud Office has announced today that it intends to seek the Attorney General’s consent to prosecute BAE Systems for offences relating to overseas corruption and will prepare its papers to be submitted to the Attorney when the SFO considers it is ready to proceed," the SFO said today.

BAE said in a statement: "The company notes the announcement by the UK’s Serious Fraud Office and continues to expend considerable effort seeking to resolve, at the earliest opportunity, the historical matters under investigation by the SFO.

"BAE Systems has at all times acted responsibly in its dealings with the SFO, taking into account the interests of its shareholders and employees and the legal advice it has received.

"If the Director of the SFO obtains the consent that he seeks from the Attorney General and proceedings are commenced, the company will deal with any issues raised in those proceedings at the appropriate time and, if necessary, in court."

Further reading:

Change of tack may yield results at the SFO