UK News - BAE Systems working with SFO

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BAE Systems working with SFO

LONDON (UPI) -- British defense contractor BAE Systems said it was working to resolve allegations that the company used bribes to secure deals in Europe and Africa.

A BAE spokesman said, "the company continues to expend considerable effort seeking to resolve … the historical matters under investigation," The Times of London reported Tuesday.

The Serious Fraud Office is investigating a $3.7 billion deal the company made to supply fighter aircraft to South Africa and a $45 million deal to supply an air traffic control system to Tanzania. Authorities are also probing a $1.6 billion contract with the Czech Republic and a deal to supply Romania with two refurbished Royal Navy frigates.

The complexity of the investigation has caused the fraud office to delay filing formal charges against the defense contractor. A fine as high as $491 million is under consideration, but The Times said BAE has set a settlement limit at about $50 million.

Copyright 2009 by United Press International

This news arrived on: 10/27/2009

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