Airbus to pay $4 billion to settle corruption probe: French prosecutor

This post was originally published on this site
© Reuters. FILE PHOTO: The Airbus logo is pictured at Airbus headquarters in Blagnac near Toulouse© Reuters. FILE PHOTO: The Airbus logo is pictured at Airbus headquarters in Blagnac near Toulouse

PARIS (Reuters) – European planemaker Airbus will pay 3.592 billion euros ($3.98 billion) to settle corruption probes by U.S., British and French authorities into contract dealings, France’s financial prosecutor said on Friday.

The simultaneous settlements in Britain, France and the United States mean the European planemaker has avoided prosecution, lifting a legal cloud that has hung over the Europe’s largest aerospace group for years.

There was no immediate word on whether individuals could face charges.

Airbus has reached an agreement to settle corruption charges with France’s financial prosecutor for 2.08 billion euros, the prosecutor said. Announcements from British and U.S. authorities on their settlements were expected later on Friday.

The deal, believed by anti-corruption experts to be the largest ever in a bribery case, ends an almost four-year crisis that led to a sweeping management overhaul and delayed plans to redeploy the plane giant’s cash surplus.

While the size of the penalty is large, criminal charges would have risked the company being barred from public contracts in the United States and European Union – a massive setback for one of Europe’s top defense and space firms.

The European planemaker has been investigated by French and British authorities for suspected corruption over jet sales dating back more than a decade. It has also faced U.S. investigations over suspected violations of export controls.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment