Our Bureau
03:12 PM, January 18, 2017
Rolls Royce agrees to pay fine on bribery claims

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.

Also Read