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NEWS / Financial Crime
BAE Reaches Settlement in 6-Year Probe
Editor's summary:
United Kingdom — Defense contracting giant BAE has reached a settlement and pleaded guilty to relatively "minor accounting offences" after a six-year investigation by the UK's Serious Fraud Office (SFO) over allegations of corruption and bribery tied to BAE arms deals in the 1980s and 1990s.
The settlement includes a $400 million payment to the US Justice Department and $47 million to the SFO.
Here is the BAE press release about the settlement.
From The Times (UK):
"It started with allegations of billion-pound bribes, corruption and supplying prostitutes to members of the Saudi Arabian Royal Family..."
Posted by: Chef on Feb. 6, 2010 (11:34 am EST)
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