BusinessCompany NewsBAE to pay £30m accounting fine in SFO deal

BAE to pay £30m accounting fine in SFO deal

UK and US agree groundbreaking deal with BAE

BAE Systems will pay £30m and admit to failing to keep reasonably accurate
accounting records in relation to its activities in Tanzania, in a
ground-breaking deal with the
Serious Fraud
Office
.

BAE will admit to the charge in the Crown court, and the £30m will comprise a
financial order determined by the judge, with the balance paid as an ex gratia
payment for the benefit of the people of Tanzania.

BAE will also pay $400m (£256m) after pleading guilty to a charge of
conspiring to make false statements to the US government.

“I am very pleased with the global outcome achieved collaboratively with the
DoJ. This is a first and it brings a pragmatic end to a long-running and
wide-ranging investigation,” said SFO director Richard Alderman.

“I would like to thank the Ministry of Defence Police for their support and
contribution. Furthermore, I’d also like to acknowledge the efforts made by BAE
to conclude this matter and I welcome its declared commitment to high ethical
standards”.

Related Articles

Google’s Paris HQ raided in tax avoidance probe

Administration Google’s Paris HQ raided in tax avoidance probe

2y Fraser Simpson, Reporter
Tesco reports 55% profit slump amid hint of SFO deal

Audit Tesco reports 55% profit slump amid hint of SFO deal

2y Chris Warmoll, Writer
‘Failings’ identified in Post Office cash shortfall investigations

Company News ‘Failings’ identified in Post Office cash shortfall investigations

3y Calum Fuller, Reporter
Auditor concern raised over Birmingham City missing funds

Audit Auditor concern raised over Birmingham City missing funds

3y Kevin Reed, Writer
East India Club reviews processes after £500k fraud

Audit East India Club reviews processes after £500k fraud

3y Kevin Reed, Writer
Morrisons tax chief held over insider trading allegations

Company News Morrisons tax chief held over insider trading allegations

4y Calum Fuller, Reporter
FRC launches investigation into jailed Torex Retail directors

Company News FRC launches investigation into jailed Torex Retail directors

4y Rachael Singh, Writer
Olympus in court for allegedly misleading EY auditors

Audit Olympus in court for allegedly misleading EY auditors

4y Rachael Singh, Writer