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BAE Systems faces bribery charges | BAE Systems faces bribery charges |
(10 minutes later) | |
BAE Systems, the UK's biggest manufacturer, is facing bribery charges and a possible confiscation of between £500m and £1bn, the BBC understands. | BAE Systems, the UK's biggest manufacturer, is facing bribery charges and a possible confiscation of between £500m and £1bn, the BBC understands. |
The Serious Fraud Office (SFO) is expected to announce later that it wishes to prosecute defence giant BAE Systems for alleged bribery. | The Serious Fraud Office (SFO) is expected to announce later that it wishes to prosecute defence giant BAE Systems for alleged bribery. |
The case refers to allegations the UK firm paid out millions of pounds to win contracts from a number of countries. | The case refers to allegations the UK firm paid out millions of pounds to win contracts from a number of countries. |
BAE admitted last year that it had not always met the top ethical standards. | BAE admitted last year that it had not always met the top ethical standards. |
A separate investigation into BAE by the SFO was dropped in 2007 after it was decided that national security was at risk. | 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. | In that case, the SFO ended its investigation into a giant 1980s arms deal BAE secured from Saudi Arabia. |
'Explosive investigation' | 'Explosive investigation' |
Whether you love or hate that BAE is a world leader in defence, it is the biggest manufacturer in the UK and is a significant part of the British economy Robert PestonBBC Business Editor Read Robert's blog | |
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. |
BBC business editor Robert Peston said the continuing probe was "the most explosive investigation into a British company that I have ever encountered". | BBC business editor Robert Peston said the continuing probe was "the most explosive investigation into a British company that I have ever encountered". |
He added that while BAE would like to settle the case through a plea bargain, its management had a legal duty not to hand over cash or damage the reputation of the firm unless they were advised by their own lawyers that the SFO has an overwhelming case. | He added that while BAE would like to settle the case through a plea bargain, its management had a legal duty not to hand over cash or damage the reputation of the firm unless they were advised by their own lawyers that the SFO has an overwhelming case. |
The BBC understands that any deal would involve BAE pleading guilty to charges of corruption and agreeing to pay a substantial sum in compensation - between £500m and £1bn. | The BBC understands that any deal would involve BAE pleading guilty to charges of corruption and agreeing to pay a substantial sum in compensation - between £500m and £1bn. |
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. | 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. |
A final decision on whether to proceed with criminal proceedings will 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. |