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SFO to rule on BAE Systems case BAE Systems faces bribery charges
(22 minutes later)
The Serious Fraud Office (SFO) is set to announce later whether it wishes to prosecute defence giant BAE Systems over alleged bribery. BAE Systems, the UK's biggest manufacturer, is facing bribery charges and a possible confiscation of between £500m and £1bn, the BBC understands.
The case refers to allegations that the UK company paid out millions of pounds in order to win contracts from a number of countries. The Serious Fraud Office (SFO) is expected to announce later that it wishes to prosecute defence giant BAE Systems for alleged bribery.
BAE has always strenuously denied any suggestion of wrongdoing. The case refers to allegations the UK firm paid out millions of pounds to win contracts from a number of countries.
A separate investigation into BAE by the SFO was dropped in 2007 after it said national security was at risk. BAE admitted last year that it had not always met the top ethical standards.
In that case the SFO ended its investigation into a giant 1980s arms deal BAE secured from Saudi Arabia. A separate investigation into BAE by the SFO was dropped in 2007 after it was decided that national security was at risk.
In that case, the SFO ended its investigation into a giant 1980s arms deal BAE secured from Saudi Arabia.
'Explosive investigation''Explosive investigation'
The latest SFO investigations are into contracts BAE won from countries including Tanzania, the Czech Republic, Romania and South Africa.The latest SFO investigations are into contracts BAE won from countries including Tanzania, the Czech Republic, Romania and South Africa.
Robert Peston talks about the caseRobert Peston talks about the case
The BBC's Andy Hosken said he understood that the SFO would not bring criminal charges, but would rather seek a "US-style settlement", where the firm pays a fine that relates to the value of the contracts under investigation. The BBC's Andy Hosken said any deal would involve BAE pleading guilty to charges of corruption and agreeing to pay a substantial sum in compensation - between £500m and £1bn.
BAE would be asked to pay between £500m and £1bn, he said. Criminal charges would be brought under the 2001 Prevention of Corruption Act, but conviction would be decided by a judge without needing a crown court trial in front of a jury, he added.
However if the SFO did decide it wished to bring criminal proceedings against BAE, the final decision on whether to proceed would still have to be made by the Attorney General Baroness Scotland. A final decision on whether to proceed with criminal proceedings will have to be made by the Attorney General Baroness Scotland.
A BAE spokesman said the firm was working with regulators to help bring the investigation to an end, "providing access to people, information and premises whenever requested".A BAE spokesman said the firm was working with regulators to help bring the investigation to an end, "providing access to people, information and premises whenever requested".
The firm is the UK's largest manufacturer - making everything from British Army kit to warships and planes. It has about 105,000 employees worldwide with customers in more than 100 countries.The firm is the UK's largest manufacturer - making everything from British Army kit to warships and planes. It has about 105,000 employees worldwide with customers in more than 100 countries.
BBC business editor Robert Peston said the continuing SFO probe into BAE was "the most explosive investigation into a British company that I have ever encountered".BBC business editor Robert Peston said the continuing SFO probe into BAE was "the most explosive investigation into a British company that I have ever encountered".
He said the SFO was continuing to put pressure on BAE to admit limited responsibility and pay a fine, and that he still thought "there is a probability that the two sides will reach agreement".He said the SFO was continuing to put pressure on BAE to admit limited responsibility and pay a fine, and that he still thought "there is a probability that the two sides will reach agreement".