British engine-maker Rolls-Royce has agreed to pay $832 million to settle a long-running probe into bribery and false accounting in several countries. The company apologized for the offenses, calling them "unacceptable."
Shares in Rolls-Royce rose 4.4 percent on Tuesday, after a British judge approved the settlement deal to end a four-year investigation.
The deal could open a new chapter for the British giant, which supplies engines for passenger planes, military jets, ships and nuclear submarines. Despite sharing the name with the famous car brand, Rolls-Royce Plc has no links with the car company currently owned by the German automaker BMW. The two entities split in 1973.
According to the settlement, the engine-making company would need to pay a total of 671 million pounds ($832.6 million, 776.8 million euros) to authorities in the UK, the United States and Brazil. Investigators from all three countries found evidence of misconduct spanning three decades and multiple nations, including China, Russia, India, Nigeria and Malaysia.
The probe was spearheaded by Britain's Serious Fraud Office (SFO). According to investigators, the case involved bribery of senior foreign officials and senior staff in foreign countries. SFO also cited suspicions of conspiracy to corrupt and false accounting.
Behavior 'unworthy' of Rolls-Royce
According to SFO, the four-year probe has been the largest in the institution's 28-year history, leading to the largest ever penalty for criminal conduct against a company in Britain.
Rolls-Royce admitted to "unacceptable" practices and said it "apologizes unreservedly for the conduct that has been uncovered."
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May 20, 2022, 01:38:12 PM