Feeds

BAE cops to arms-deal violation, pays $400m US fine

Also £30m in UK over shady Tanzanian radar deal

New hybrid storage solutions

UK-headquartered but nowadays US-centred arms globocorp BAE Systems has confessed to corporate wrongdoing and will pay hefty fines on both sides of the Atlantic.

Most of today's revelations in the case are unsurprising - BAE has reportedly confessed to violations under US law with respect to aspects of the vast, highly controversial al-Yamamah deal of the 1980s and 90s under which it supplied a variety of jets and other kit to Saudi Arabia.

The firm has also settled with the UK's Serious Fraud Office over a deal in which it sold Tanzania a radar system in 1999.

These investigations related to corruption - alleged payment of kickbacks to officials of the purchasing countries. The rough outlines of the cases were well known, and regardless of legal wrangling in western courts such bribery is well-nigh universal in developing-world arms deals.

The company has admitted to violation of US rules across a number of countries and agreed to pay a $400m fine to Washington over these and al-Yamamah.

According to an SFO statement, BAE "will plead guilty in the [UK] Crown Court to an offence under section 221 of the Companies Act 1985 of failing to keep reasonably accurate accounting records in relation to its activities in Tanzania."

It adds, "The company will pay £30 million comprising a financial order to be determined by a Crown Court judge with the balance paid as an ex gratia payment for the benefit of the people of Tanzania."

Today BAE may finally have put its bribery-haunted past behind it: the firm admits to no other such activities in recent years, when they became unambiguously illegal under UK law.

More detail on the US end of the case as we get it. ®

Providing a secure and efficient Helpdesk

More from The Register

next story
Quit drooling, fanbois - haven't you SEEN what the iPhone 6 costs?
How keen will buyers be when exposed to the real price?
Apple Pay is a tidy payday for Apple with 0.15% cut, sources say
Cupertino slurps 15 cents from every $100 purchase
Ex-Autonomy execs: HP's latest wad blows apart fraud allegations
Top bods claim IT titan's latest court filing is smoking gun of 'reckless aggression'
Forget silly privacy worries - help biometrics firms make MILLIONS
Beancounter reckons dabs-scanning tech is the next big moneypit
Elon Musk says Tesla's stock price is too high ... welp, NOT ANY MORE
As Nevada throws the SpaceX supremo a $1.25bn bone
Microsoft's Office Delve wants work to be more like being on Facebook
Office Graph, social features for Office 365 going public
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.