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Airbus reaches deal to settle corruption probe | Airbus reaches deal to settle corruption probe |
(32 minutes later) | |
Airbus says it has agreed a settlement with French, British and US authorities following lengthy investigations into allegations of bribery and corruption. | Airbus says it has agreed a settlement with French, British and US authorities following lengthy investigations into allegations of bribery and corruption. |
In a statement, the European planemaker said the deal was subject to approval by courts in the three countries. | In a statement, the European planemaker said the deal was subject to approval by courts in the three countries. |
The allegations have centred on the use of middlemen in plane sales. | The allegations have centred on the use of middlemen in plane sales. |
Details have not been revealed, but reports suggest that Airbus - based in Toulouse in south-west France - could pay more than €3bn (£2.5bn) in fines. | Details have not been revealed, but reports suggest that Airbus - based in Toulouse in south-west France - could pay more than €3bn (£2.5bn) in fines. |
"Airbus confirms that it has reached agreement in principle with the French Parquet National Financier, the UK Serious Fraud Office and the US authorities," the company said in a statement. | |
The UK's Serious Fraud Office (SFO), and later its French counterpart, opened investigations into Airbus after the firm reported itself in 2016. | The UK's Serious Fraud Office (SFO), and later its French counterpart, opened investigations into Airbus after the firm reported itself in 2016. |
The SFO opened its investigation in August of that year into allegations of "fraud, bribery and corruption" in the civil aviation business of Airbus. | The SFO opened its investigation in August of that year into allegations of "fraud, bribery and corruption" in the civil aviation business of Airbus. |
The firm employs more than 130,000 people globally, including about 10,000 in the UK. It asked the regulator to look at documentation about its use of overseas agents. | |
Export credits | |
In the run-up to the SFO's investigation, UK, French and German authorities froze export credit applications by Airbus, but reversed that decision in 2018. | |
Export credits are used by many governments to support exporters, often by giving their backing to bank loans offered to overseas buyers of UK products. | |
In the past, they have proved useful in giving cash-strapped airlines the ability to afford new Airbus planes. | |
The investigations followed concern that Airbus had failed to disclose the use of middlemen in such deals. | |
The US also requested information from the UK and French investigations, amid suspicions that arms export rules could have been violated. |