BAE Systems Pleads Guilty, Fined $400 Million
February 5, 2010
UK (ChattahBox) – British defense company BAE Systems has admitted to two criminal fines and will pay the United States £286 million after ‘willfully misleading’ about payments to score contracts.
The fine, £30 million of which will be paid out in Britain, represents the largest in UK history.
The company, which has suffered for years under the allegation of corruption, are still denying bribery charges. However, they admit to a “failure” in their system that led to criminal behavior.
The Department of Justice accused the company of “intentionally failing to put appropriate, anti-bribery preventative measures in place” despite promising the US government that those measures had been taken.
They also accused BAE of “made hundreds of millions of dollars in payments to third parties, while knowing of a high probability that money would be passed on to foreign government decision-makers to favor BAE in the award of defense contracts.”