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Rolls-Royce Settles Bribery Probes in UK, US and Brazil

Image: Rolls-Royce Settles Bribery Probes in UK, US and Brazil

(AP)

Monday, 16 Jan 2017 01:51 PM

British engineering company Rolls-Royce Plc said on Monday that it reached settlements with authorities in Britain, the United States and Brazil relating to bribery and corruption involving intermediaries, which would result in a series of payments totalling 671 million pounds ($809 million).

The deals would see the maker of engines for military jets, ships and nuclear-powered submarines pay about 293 million pounds in the first year, Rolls-Royce said in a statement.

Under the terms of the agreements with the U.S. Department of Justice, Brazil's Minsterio Publico Federal (MPF) Rolls said it has agreed to make payments to the DoJ totalling nearly $170 million and to the MPF totalling $25.58 million.

Under the terms of a deferred prosecution agreement with Britain's Serious Fraud Office the company said it will pay 497.253 million pounds plus interest under a schedule lasting up to five years, plus a payment in respect of the SFO's costs.

"These agreements relate to bribery and corruption involving intermediaries in a number of overseas markets, concerns about which the company passed to the SFO from 2012 onwards," the company said in a statement. "These are voluntary agreements which result in the suspension of a prosecution provided that the company fulfills certain requirements, including the payment of a financial penalty."

Rolls also said in a statement that the company would report its financial results for 2016 Feb. 14 when "an appropriate update on the implications of these agreements will be provided at that time."

"Early indications are that the group has had a good finish to the year with both profit and, in particular, cash expected to be ahead of expectations," it added.

© 2017 Thomson/Reuters. All rights reserved.

 
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British engineering company Rolls-Royce Plc said on Monday that it reached settlements with authorities in Britain, the United States and Brazil relating to bribery and corruption involving intermediaries, which would result in a series of payments totalling 671 million...
rolls royce, bribery, probe, brazil
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2017-51-16
Monday, 16 Jan 2017 01:51 PM
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