The Serious Fraud Office in the UK has announced it will look to prosecute BAE systems over bribery allegations.
The country’s largest arms producer is accused of dishing out millions of euros to win lucrative defence contracts in a number of countries, including the Czech Republic, Romania, South Africa and Tanzania. The decision to opt for prosecution comes following an investigation carried by the Serious Fraud Office into business practices in Africa and Eastern Europe. The SFO has spent the last six years, trying to resolve the case. The company is also under the microscope in the United States, however nothing incriminating has been uncovered to date. The SFO wanted to cut a deal with the company, which would involve BAE pleading guilty to corruption and agreeing to pay a substantial fine of up to 1 billion euros. BAE Systems have admitted that it had not always met the highest ethical standards.