UK security firm to pay fine to US government

Calcutta News.Net
Sunday 7th February, 2010

BAE Systems has said it will admit to two criminal charges over wilfully misleading the US government over payments made as the firm tried to win contracts.

The defence group has offered a payment of over £250 million to the US Department of Justice over substantial secret payments secured from Saudi Arabia, Tanzania, the Czech Republic, South Africa and Hungary.

Under the agreement, BAE will hand over the money to the US, which had accused it of wilfully misleading US investigators over payments made when the firm tried to win contracts.

Some of the allegedly corrupt payments involved kickbacks to an unnamed Saudi public official who took holidays and received cash transfers to a Swiss bank account.

The alleged corruption was linked to the £40 billion Al-Yamamah contract to supply military equipment to Saudi Arabia.

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