Rolls-Royce Set to Pay Over $800 Million In Bribery Settlement

In a news release from Monday, Rolls-Royce said it has agreed to settle its bribery and corruption cases with U.S., U.K., and Brazilian authorities by paying over $800 million to the countries in question.

The cases involve bribery and corruption of intermediaries in markets overseas. The company cooperated with authorities on the cases, admitting it’s guilt in some dealings,  and also claims to have passed its own concerns from 2012 onward about the matter to the U.K.’s Serious Fraud Office.

A BBC report reveals that some of the cases go back decades further, and also involve local companies in countries where Rolls-Royce doesn’t have many representatives. These local companies then deal with sales, distribution, repair and maintenance. Rolls-Royce admitted to bribing officials in Kazakhstan, Thailand, Brazil, Azerbaijan, Angola and Iraq in order to obtain contracts in those countries, according to the U.S. Department of Justice.

U.S. authorities said that along with the bribes, Rolls-Royce used an intermediary to pay a Brazilian official $1.6 million in order to win multiple oil equipment contracts from Petrobras.

Rolls-Royce has reached a deferred prosecution agreement with the U.K.’s Serious Fraud Office and the U.S. Department of Justice, as well as a leniency agreement with Brazil’s Ministerio Publico Federal. The Department of Justice will receive $170 million, and the Ministerio Publico Federal will receive $25.6 million in the settlement.

The DPA with the Serious Fraud Office was the subject of a preliminary court ruling on Monday. The proposed DPA was finalized after Rolls-Royce appeared in court on Tuesday to finalize the agreement. These voluntary agreements save the company from a prosecution trial, so long as the terms and penalties are fulfilled. The settlement includes $616 million plus interest to the Serious Fraud Office.

Warren East, the company’s chief executive officer, apologized in a statement “unreservedly” for the bribery and corruption. The statement said that the company is in the process of cutting back on the use of middlemen and overhauling its compliance rules.

About News Team

Hi, I'm Alex Perez, an experienced writer with a focus on lifestyle and culture news. From food and fashion to travel and entertainment, I love exploring the latest trends and sharing my insights with readers. I also have a strong interest in world news and business, and enjoy covering breaking stories and events.

Have a tip we should know? tips@rhd.news

Uncategorized

Most Read

  1. News
    Pandora Papers Financial Leak Shows Us the Secrets of the World’s Rich and Powerful
    3 years ago
  2. Health
    US Supreme Court Rejects J & J TALC Cancer Case Appeal
    3 years ago
  3. Lifestyle
    9 Habits that Drain your Daily Focus and How to Avoid Them
    3 years ago
  4. BUSINESS
    Women’s Demand for Shapewear – the big Trends
    3 years ago
  5. BUSINESS
    Valentino Launches its Cosmetics Line
    3 years ago
  6. Health
    US Promises to Share 60 million Doses of AstraZeneca Vaccines
    3 years ago
  7. Health
    UK Offers Aid Amid Surging COVID-19 Cases in India
    3 years ago
  8. Sports
    Thousands of fans welcome Charlton funeral cortege at Old Trafford
    8 months ago
  9. News
    Brit left fighting for life after train derails in Argentinia
    8 months ago
  10. BUSINESS
    Dubai faces down airline rivals with $50 bln jet orders
    8 months ago
  11. Sunak
    UK’s Sunak brings back Cameron, sacks Braverman
    8 months ago
  12. Sports
    Man United’s Hojlund, Eriksen withdrawn from Denmark team duty
    8 months ago
  13. Health
    Autumn Sneezing Syndrome is on the rise… here’s what you can do
    8 months ago
  14. Canada
    Canada beat Italy to win Billie Jean King Cup for first time
    8 months ago

Follow @rushhourdaily: