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| Rolls-Royce in £671m bribery settlement | Rolls-Royce in £671m bribery settlement |
| (about 17 hours later) | |
| A UK court has approved a £671m agreement between Rolls-Royce and UK and US authorities to settle bribery and corruption cases. | |
| The aerospace firm will pay £497m plus costs to the Serious Fraud Office (SFO), which started investigating claims in 2012 of wrongdoing overseas. | |
| At the time, the SFO asked the firm for information about possible bribery in China, Indonesia and other markets. | At the time, the SFO asked the firm for information about possible bribery in China, Indonesia and other markets. |
| Rolls-Royce will also pay $170m (£141m) to the US Justice Department. | |
| A further settlement would see it pay $26m (£21.5m) to Brazilian regulators, it added. | A further settlement would see it pay $26m (£21.5m) to Brazilian regulators, it added. |
| Rolls Royce shares have risen by nearly 7% on the news of the settlement and the company's announcement that its 2016 profits would beat expectations. | |
| Rolls-Royce, one of the UK's biggest manufacturing exporters, makes engines for military and civil planes, as well as for trains, ships, nuclear submarines and power stations. | Rolls-Royce, one of the UK's biggest manufacturing exporters, makes engines for military and civil planes, as well as for trains, ships, nuclear submarines and power stations. |
| 'Intermediaries' | 'Intermediaries' |
| "These are voluntary agreements which result in the suspension of a prosecution provided that the company fulfils certain requirements, including the payment of a financial penalty," the firm said. | "These are voluntary agreements which result in the suspension of a prosecution provided that the company fulfils certain requirements, including the payment of a financial penalty," the firm said. |
| It added that concerns about bribery and corruption were passed by the firm to the SFO in 2012, but it did not give further information on which countries were involved. | It added that concerns about bribery and corruption were passed by the firm to the SFO in 2012, but it did not give further information on which countries were involved. |
| Some of the allegations dated back more than 10 years. | Some of the allegations dated back more than 10 years. |
| They involved Rolls-Royce's "intermediaries", which are local companies that handle sales, distribution, repair and maintenance in countries where the British firm does not have enough people on the ground. | They involved Rolls-Royce's "intermediaries", which are local companies that handle sales, distribution, repair and maintenance in countries where the British firm does not have enough people on the ground. |
| The SFO confirmed it had reached a deferred prosecution agreement (DPA) with Rolls-Royce, which would be subject to approval by a court on Tuesday. | The SFO confirmed it had reached a deferred prosecution agreement (DPA) with Rolls-Royce, which would be subject to approval by a court on Tuesday. |
| It is only the third such agreement that the SFO has struck since they were first introduced into UK law in 2014. | It is only the third such agreement that the SFO has struck since they were first introduced into UK law in 2014. |
| They allow organisations to pay huge penalties, but avoid prosecution, if they freely confess to economic crimes such as fraud or bribery. | They allow organisations to pay huge penalties, but avoid prosecution, if they freely confess to economic crimes such as fraud or bribery. |