For the past 4 years the Serious Fraud Office (SFO) has been engaged in its largest investigation to date, against Rolls-Royce (RR). The investigation related to allegations of bribery, corruption and concealment across a number of jurisdictions spanning 25 years.
The SFO has agreed a settlement, known as a deferred prosecutions agreement (DPA), which allow prosecutions to be avoided in exchange for the payment of a huge penalty. The SFO’s DPA with RR requires a payment of £671m, of which £13m consists of the SFO’s costs.
Mr David Green, director at the SFO comments “I think it shows very clearly that the SFO has teeth and that the SFO will not go away”.
Following the announcement of the DPA shares in RR rose by almost 4.5%. Leaving others such as Robert Barrington, executive director at Transparency International UK to question whether “justice has been served”.
British engineering giant Rolls-Royce will pay £671m to settle corruption cases with UK and US authorities. The UK's Serious Fraud Office (SFO) found conspiracy to corrupt or failure to prevent bribery by Rolls-Royce in China, India and other markets. The firm apologised "unreservedly" for the cases spanning nearly 25 years. A UK court ruled the aerospace firm would pay £497m plus costs to the SFO, which conducted its biggest ever investigation into the firm. The SFO revealed 12 counts of conspiracy to corrupt or failure to prevent bribery in seven countries - Indonesia, Thailand, India, Russia, Nigeria, China and Malaysia.