Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Airbus faces fresh bribery settlement, French prosecutor says

Published 25/10/2022, 16:18
Updated 25/10/2022, 16:23
© Reuters. FILE PHOTO: The logo of Airbus is picuted at the Airbus facility in Montoir-de-Bretagne near Saint-Nazaire, France, March 4, 2022. REUTERS/Stephane Mahe

PARIS (Reuters) - French authorities are in talks with planemaker Airbus that could lead to the expansion of a record multi-national bribery settlement agreed in 2020, prosecutors said on Tuesday.

French publication Mediapart reported that Airbus was facing an investigation into alleged bribery in the sale of 21 jets to Libya in 2007, part of a wider probe into links with Libya under late leader Muammar Gaddafi.

Airbus declined comment.

Mediapart said Airbus is close to a new settlement - known in France as a Public Interest Agreement or CJIP, which typically involves fines in return for suspending criminal charges - with the PNF financial prosecutor over past dealings in Libya.

"I can confirm discussions are underway with Airbus with a view to concluding a CJIP concerning matters that are an extension of those involved in the 2020 CJIP, but which could not be treated at that time," a PNF spokesperson said by email. The prosecutor declined further comment.

A person familiar with the discussions confirmed they concerned dealings with Libya, asking not to be named because the talks remain confidential until an agreement is formalised.

In 2020, Airbus admitted in jointly agreed statements with prosecutors to extensive past use of bribes and agreed to pay a record 3.6 billion euro ($3.6 billion) fine to France, Britain and the United States, including 2.1 billion euros to French authorities.

The 2020 French CJIP cited corruption of foreign officials, fraud and money laundering in the sale of jets and satellites.

That came after a four-year probe that highlighted the use of a global network of intermediaries and disguised payments spread over several years, sparking dozens of satellite legal disputes between Airbus and former agents dubbed "business partners".

© Reuters. FILE PHOTO: The logo of Airbus is picuted at the Airbus facility in Montoir-de-Bretagne near Saint-Nazaire, France, March 4, 2022. REUTERS/Stephane Mahe

The planemaker has undergone sweeping management changes since the original probe began in 2016 and says it now has a state-of-the-art compliance system. It remains under court-approved monitoring of its activities until early next year.

($1 = 1.0043 euros)

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.