Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

SFO widens Rolls-Royce probe to Nigeria - FT

Published 19/05/2016, 09:29
© Reuters. A Rolls-Royce logo is pictured on the exterior of an Airbus A350 XWB during the Airbus annual news conference in Colomiers
RR
-

LONDON (Reuters) - Britain's Serious Fraud Office (SFO) has widened its investigation into Rolls-Royce (L:RR) to examine allegations of suspected bribery in Nigeria, the Financial Times reported on Thursday.

Rolls-Royce, the world's second-largest maker of aircraft engines, said in 2013 the SFO had launched a formal investigation into concerns about possible bribery and corruption in China and Indonesia.

The FT said on Thursday this had now spread to examine Rolls-Royce's former energy operations in Nigeria.

"We are co-operating with the authorities," a Rolls-Royce spokesman said. "We do not comment on the subject of ongoing investigations nor on the countries in which those investigations are being conducted.

"We have made it clear that Rolls-Royce will not tolerate business misconduct of any kind."

The SFO declined to comment on the report but said its investigation continued.

The FT cited people familiar with the situation as saying the SFO was investigating whether Rolls and its agents were involved in any bribery of government officials in Nigeria up to the year 2013.

© Reuters. A Rolls-Royce logo is pictured on the exterior of an Airbus A350 XWB during the Airbus annual news conference in Colomiers

Rolls has over the last two years been hit by cancelled orders from oil industry customers for power systems after a plunge in the oil price, and a slowdown in demand for the high-margin aftermarket servicing it provides for older aircraft engines. It downgraded profit forecasts three times last year.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.