United Kingdom: U.K. Agency Under Fire for Past Involvement With Airbus Deals

A British government agency has been criticized by an anti-corruption group for providing at least 340 million-pounds ($425 million) of support to Airbus SE and engine manufacturer Rolls-Royce Holdings Plc to help secure suspect contracts.

U.K. Export Finance backed deals from the two companies that were later found to have been tainted by graft, according to a report by Spotlight on Corruption. In the case of Airbus, the agency identified wrongdoing but took more than a year to report its suspicions to the Serious Fraud Office, the report said.

Airbus went on to agree to a record 3.6 billion-euro ($4.1 billion) settlement with authorities in the U.K., France and the U.S. earlier this year regarding payments to intermediaries to secure jet orders. Rolls-Royce agreed to pay $800 million in 2017 to resolve probes in the U.S., U.K. and Brazil over bribes paid by Rolls employees to agents and foreign officials to win tenders.

The full original article can be found at bloomberg.com

(Photo: Pascal Rossignol/Reuters)

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