Rolls-Royce to pay more than $800 million to settle bribery charges - U.S.
Source: Reuters
Business News | Tue Jan 17, 2017 | 4:16pm EST
Rolls-Royce to pay more than $800 million to settle bribery charges - U.S.
By Joel Schectman | WASHINGTON
Rolls-Royce Plc (RR.L) agreed to pay authorities more than $800 million to resolve charges of bribing officials in six countries in schemes that lasted more than a decade, the U.S. Justice Department and UK Serious Fraud Office said in statements on Tuesday.
The company admitted to paying officials at state-run energy companies in Kazakhstan, Thailand, Brazil, Azerbaijan, Angola and Iraq more than $35 million in order to win contracts, the Justice Department said.
In a statement, the company's chief executive officer, Warren East, apologized "unreservedly" for the bribery schemes. The company had since overhauled its compliance rules and cut back on using intermediaries, the statement said.
Among the bribes, Rolls-Royce paid a Brazilian official $1.6 million through a middleman to win numerous oil equipment contracts from Petrobras (PETR4.SA), U.S. authorities said. ... The case was the third resolution related to Petrobras in the United States following a nearly three-year investigation in Brazil dubbed "Operation Car Wash" into corruption at the oil company, which has led to dozens of arrests and political upheaval in the country.
Read more: http://www.reuters.com/article/us-rolls-royce-hldg-fraud-usa-idUSKBN1512O8?il=0
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