BAE Systems to Pay $400 Million to Settle Bribery Charges

BAE Systems PLC has agreed to settle transatlantic bribery charges by paying over $400 million to the U.S. Department of Justice and the U.K. Serious Fraud Office.

The WSJ reports that BAE will plead guilty in the U.S. to a charge of conspiring to make false statements to the U.S. government and in the U.K. to breach of duty to keep accounting records in relation to payments made to a former marketing adviser in Tanzania.

Under the agreement with the Department of Justice, which requires court approval, the Company will pay a fine of $400 million and make additional commitments concerning its ongoing compliance.

Under the agreement with the Serious Fraud Office, the Company will pay a penalty of £30 million comprising a fine to be determined by the Court with the balance paid as a charitable payment for the benefit of Tanzania.

Read the WSJ article