BAE SYSTEMS HAS BEEN FINED £500,000 by Southwark Crown Court for failing to keep accurate accounting records of payments made to an adviser in Tanzania.
BAE agreed a £30m settlement with the SFO in February, admitting fraud. However, as part of the deal any fines incurred in court would be deducted from the £30m that had been ring-fenced for the people of Tanzania.
Residing judge Mr Justice Bean said: “The structure of this settlement agreement places moral pressure on the court to keep the fine to a minimum so that the reparation is kept at a maximum.”
BAE will also pay $400m (£258.6m) to the US after pleading guilty to conspiring to make false statements.
Other costs incurred by the business through the court action amounted to £225,000.
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