SFO appeals Saudi case
The Serious Fraud Office (SFO) yesterday told the House of Lords it did not act unlawfully when it ended its investigation into a £43bn Saudi arms deal.
The case against the SFO is being brought by the pressure groups the Campaign Against Arms Trade and the Corner House who say the case should be reopened.
The Law Lords are expected to hear the end of the case today, but are not likely to reach a decision until they come back from their summer recess in October.
British defence firm BAE Systems has been accused of bribing Saudi officials to continue the contract. BAE has always denied any wrongdoing in the deal, which dates from 1985.
City Views: Is it acceptable for UK companies to bribe foreign governments?
Paul Wyatt (Lloyds Insurance Syndicate): “It probably happens quite a lot, but it’s immoral – not that we recognise morality any more. What’s the point in prosperity if it’s based on immoral earnings? It would be better for companies to lose that business than compromise their integrity, but you reap what you sow.”
Eddie Kenny (Man Investiments): “I imagine it happens more than you’d expect. It’s not acceptable but it is probably ‘accepted practice’ – governments do lots of things most people would consider immoral or wrong, and it happens all over the world. It’s similar to the UK government being interested in investing in Iraqi oil fields.
Justina Majiyagbe (Works in the Square Mile): “Absolutely not! Though I am sure it goes on, because companies are far more concerned about profits than they are about morals. Corruption and dishonesty are always unacceptable, but I don’t think it’s really possible to police bribery – too much goes on behind closed doors, so it’s difficult to uncover it.”