BAE prepared for fine
DEFENCE giant BAE Systems is prepared to pay a record breaking fine over bribery allegations, sources close to the situation said yesterday, if “compelling evidence” indicates the charges against it are true.
The Serious Fraud Office (SFO) said last week it wanted to prosecute Europe’s biggest defence contractor over allegations the firm used bribery and corruption in arms deals in South Africa, Tanzania, Romania and the Czech Republic.The charges date back to the 1990s.
BAE is understood to have snubbed a deal that would have seen it pay a £300m fine to settle the case and now wants to review the evidence against it before agreeing to a new deal.
BAE refused to make fresh comments on the allegations yesterday, but reiterated that it was “seeking to resolve the issues at the earliest opportunity.”
Last week, legal experts said BAE could face penalties of hundreds of millions of pounds if found guilty,