Finweek English Edition - - THE WEEK -

Iconic Bri­tish com­pany Rolls-Royce agreed to pay £671m in fines to the au­thor­i­ties in the UK, the US and Brazil as part of an agree­ment to sus­pend pros­e­cu­tion for bribery and other il­le­gal ac­tions over a pe­riod of 20 years, ft.com re­ported. The charges re­late to its civil aerospace, de­fence and en­ergy busi­nesses, and in­clude fal­si­fy­ing ac­counts to hide the il­le­gal use of lo­cal mid­dle­men, at­tempts to thwart in­ves­ti­ga­tions into cor­rup­tion, and pay­ing tens of millions in bribes to win en­gine and other deals in In­done­sia, Thai­land, China and Rus­sia, ft.com re­ported. The com­pany is es­ti­mated to have reaped gross prof­its of more than £250m from the of­fences out­lined, it said.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.