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BAE fined £49m in US over bribery case

By Daily Mail Reporter
Updated: 04:02 EDT, 18 May 2011

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BAE Systems has agreed to pay fines of up to £49m to the US government for breaking the rules on defence exports.

Astute class submarines being built at BAE Systems shipyard

Closer scrutiny: Some programmes involving US licences will see enhanced reviews

The civil settlement with the US State Department is expected to draw a line under long-running corruption probes on both sides of the Atlantic.

The defence giant, down 1.9p to 337.1p, last year handed over a fine of more than £250m to the US Department of Justice in a parallel criminal case.

The DoJ condemned BAE for 'intentionally failing to put appropriate, anti-bribery measures in place'.

BAE also accepted a £30m fine in the UK after pleading guilty to an accounting offence following an investigation by the Serious Fraud Office.

The latest fine is subject to a reduction of up to £6m if BAE implements improved controls over export programmes.

Some programmes originating in the UK but involving US licences will be subject to enhanced reviews by the American authorities, though the company was unable to say what these might be.

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