UK defence firm Ultra Electronics to pay £15m after SFO bribery investigation
Summary
Ultra Electronics, a UK defence company, has admitted it failed to prevent bribery and will pay £15 million after an investigation by the Serious Fraud Office (SFO). The case involves bribery linked to contracts in Algeria and Oman, and Ultra will update the SFO yearly on its anti-bribery efforts for three years.Key Facts
- Ultra Electronics accepted responsibility for failing to stop bribery and agreed to pay a £10 million fine plus £4.8 million for investigation costs.
- The SFO investigation began in 2018 after Ultra referred itself following bribery allegations in Algerian media.
- The bribery involved three public-sector contracts in Algeria and Oman, including a £200 million contract with Oman's transport ministry.
- Ultra is owned by US private equity firm Advent International and was bought by UK defence company Cobham in 2021.
- The company must improve its business practices and provide annual reports to the SFO for three years to show progress.
- Ultra previously faced bribery charges in Canada related to deals in the Philippines and paid over 10 million Canadian dollars in penalties.
- The SFO had paused negotiations but resumed after changes in Ultra’s ownership and leadership.
- The SFO considers this case a significant enforcement success following previous challenges with bribery prosecutions.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.