BusinessCompany NewsBAE hit by false accounting probe

BAE hit by false accounting probe

Europe's largest weapons contractor, BAE, has been the linked to an investigation into allegations of false accounting.

Link: Accounting oversight threatens jet deal

The Serious Fraud Office and the Ministry of Defence police are probing suspected false accounting related to service contracts between BAE and travel agents Robert Lee International and Travellers World. These are reportedly in connection with defence equipment contracts with the government of Saudi Arabia.

Searches were conducted at eight locations in London and the south of England, and a 73-year-old man and a 66-year-old man were arrested.

According to The Times Online sources close to the investigation say neither man is employed by BAE and BAE’s offices were not searched.

It also said police arrested a former employee at the Ministry of Defence last month as part of its investigation into whether BAE gave improper gifts to secure contracts.

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