Rolls-Royce has agreed to pay $832 million to settle a long-running investigation into bribery and false accounting of the british engine-maker in several countries.
According to the settlement, the engine-making company would need to pay a total of 671 million pounds ($832.6 million) to authorities in the UK, the United States and Brazil, Deutshe Welle German Radio reported Tuesday.
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).
The case involved bribery of senior foreign officials and senior staff in foreign countries, according to investigators. SFO also cited suspicions of conspiracy to corrupt and false accounting.
After British judge approved the settlement deal to end a four year probe, the shares in the Rolls-Royce rose to 4.4 per cent. The company apologized for the offenses, calling them "unacceptable."
The deal could start a new chapter for the British company that would supply engines for passenger planes, military jets, ships and nuclear submarines.
Rolls-Royce has won a $408 million contract from US department of defense to provide MissionCare maintenance support for V-22 Osprey vertical take-off aircraft engines. MissionCare is a performance-based logistics concept that includes an engine hourly charge based on hours flown; program management, which covers integrated logistics support, including support equipment requirements data, supportability analysis data and updates, configuration management tracking, formal training, supply management, and contract/business administration
StandardAero has won a contract from the US Air Force to perform Rolls-Royce T56 engine module and maintenance. The one-year contract is a "bridge” contract that sustains T56 overhauls while the USAF prepares for a future commercial competition that will result in a multi-year maintenance contract, the company announced Thursday
Rolls-Royce and VTT Technical Research Centre of Finland have announced a strategic partnership to design, test and validate the first generation of remote and autonomous ships. Rolls-Royce is developing remote controlled and autonomous ships and believes a remote controlled ship will be in commercial use by the end of the decade, the company said in a statement Monday
Rolls-Royce has won a $118 million contract to procure 50 AE1107C engines and associated spares to support MV-22 aircraft for the US Marine Corps and the government of Japan. The contract involves procurement of 38 engines for the US Marine Corps and 12 for the Japanese government, US Department of Defense said in a statement Tuesday
Rolls Royce has opened up new defense Service Delivery Centre (SDC) Thursday in a city of Southern India to provide localized engineering support and solutions for the country's armed military force as well as to Hindustan Aeronautics (HAL). The SDC, opened in Bangalore, will provide faster front line support for about 750 engines in range of country's aircraft
Despite opposition from Moscow, Ukraine's Ukroboronprom has decided to pitch for Indian contracts for the supply of components and repair of Russian-origin aircraft of the Indian Air Force, Director General Pavlo Bukin told Defenseworld.net in an interview.
Segments such as Network Centric Warfare, Radars, Weapon systems, Electronic Warfare & Avionics, Military Communications and Electro Optics are likely to drive the Companys growth in the future, says M V Gowtama, Chairman & Managing Director, Bharat Electronics Limited (BEL).
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