Airbus’ Statement Regarding Media Reports on French, U.K. and U.S. Investigations
(Source: Airbus; issued Jan 28, 2020)
AMSTERDAM --- Airbus confirms that it has reached agreement in principle with the French Parquet National Financier, the U.K. Serious Fraud Office and the U.S. authorities.
These agreements are made in the context of investigations into allegations of bribery and corruption as well as compliance with the U.S. International Traffic in Arms Regulations (“ITAR”). They remain subject to approval by French and U.K. courts and U.S. court and regulator.
For legal reasons, Airbus cannot make any comments on the details of its discussions with the investigating authorities.
Airbus is a global leader in aeronautics, space and related services. In 2018 it generated revenues of € 64 billion and employed a workforce of around 134,000. Airbus offers the most comprehensive range of passenger airliners. Airbus is also a European leader providing tanker, combat, transport and mission aircraft, as well as one of the world’s leading space companies. In helicopters, Airbus provides the most efficient civil and military rotorcraft solutions worldwide.
Airbus Poised for Deal with Regulators to Settle Corruption Probes (excerpt)
(Source: Financial Times; published Jan. 27, 2020)
By Kate Beioley and Peggy Hollinger
Airbus is on the brink of settling a bribery and corruption probe with regulators in the UK, France and the US, in a move that could see the aerospace group pay billions of dollars in penalties.
A deal is expected in the coming days, according to people familiar with the matter, with analysts forecasting fines of more than €3 billion to follow the complex negotiations between the three agencies.
The settlement is set to surpass the £671 million (€795 million) plea bargain struck by Rolls-Royce in 2017 to settle similar allegations. At the time, the UK share of the settlement, at about £500 million, was the largest fine imposed by British regulators on a company for criminal conduct.
The so-called deferred prosecution agreement struck with Airbus will mark a significant milestone for the UK Serious Fraud Office.
Under a corporate plea deal, companies are able to avoid criminal prosecution if they admit to wrongdoing, agree to overhaul their businesses, and pay a penalty. (end of excerpt)
Click here for the full story, on the Irish Times website.
(EDITOR’S NOTE: Bloomberg News estimated this morning that the agreements with the three countries could cost Airbus about $3 billion.)