{"id":7435,"date":"2020-01-31T14:44:22","date_gmt":"2020-01-31T20:44:22","guid":{"rendered":"http:\/\/planesintheair.com\/?p=7435"},"modified":"2020-01-31T14:56:30","modified_gmt":"2020-01-31T20:56:30","slug":"record-4-billion-airbus-fine-draws-line-under-pervasive-bribery","status":"publish","type":"post","link":"https:\/\/planesintheair.com\/?p=7435","title":{"rendered":"Record $4 Billion Airbus Fine Draws Line Under ‘Pervasive’ Bribery"},"content":{"rendered":"\n
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FILE PHOTO: FILE PHOTO: The Airbus logo is pictured at Airbus headquarters in Blagnac near Toulouse<\/figcaption><\/figure>\n\n\n\n

PARIS\/LONDON\/WASHINGTON (Reuters) – Airbus <EADSY<\/a>> bribed public officials and hid the payments as part of a pattern of worldwide corruption, prosecutors said on Friday as the European planemaker agreed a record $4 billion settlement with France, Britain and the United States.<\/p>\n\n\n\n

The disclosures, made public after a nearly four-year investigation spanning sales to more than a dozen overseas markets, came as courts on both sides of the Atlantic formally approved settlements that lift a legal cloud that has hung over Europe’s largest aerospace group for years.<\/p>\n\n\n\n

“It was a pervasive and pernicious bribery scheme in various divisions of Airbus SE that went on for a number of years,” U.S. District Judge Thomas Hogan said.<\/p>\n\n\n\n

The deal, effectively a corporate plea bargain, means Airbus has avoided criminal prosecution that would have risked it being barred from public contracts in the United States and European Union – a massive blow for a major defence and space supplier.<\/p>\n\n\n\n

Prosecutors said individuals could still face criminal charges, however.<\/p>\n\n\n\n

Airbus, whose shares closed down 1%, has been investigated by French and British authorities for alleged corruption over jet sales dating back more than a decade. It has also faced U.S. inquiries over suspected violations of U.S. export controls.<\/p>\n\n\n\n

“In reaching this agreement today, we are helping Airbus to turn the page definitively” on corrupt past practices, French prosecutor Jean-Francois Bohnert said.<\/p>\n\n\n\n

France’s financial prosecutor said the company had also agreed to three years “light compliance monitoring” by the country’s anti-corruption agency.<\/p>\n\n\n\n

The U.S. Department of Justice said the deal was the largest ever foreign bribery settlement.<\/p>\n\n\n\n

CODE NAME ‘VAN GOGH’<\/p>\n\n\n\n

In a packed hearing at London’s Royal Courts of Justice, an Airbus lawyer said the settlements “draw a clear line under the investigation and under the grave historic practices”.<\/p>\n\n\n\n

Outlining detailed findings, the UK’s Serious Fraud Office (SFO) said Airbus had hired the wife of a Sri Lankan Airlines executive as its intermediary and misled Britain’s UKEF export credit agency over her name and gender, while paying $2 million to her company. The airline could not be reached for comment.<\/p>\n\n\n\n

Click the link below to read the full story!<\/p>\n\n\n\n

https:\/\/finance.yahoo.com\/news\/airbus-pay-4-billion-settle-152542295.html<\/a><\/p>\n\n\n\n

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Airbus bribed public officials and hid the payments as part of a pattern of worldwide corruption, prosecutors said on Friday as the European planemaker agreed a record $4 billion <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10172,4510,798,10174,797,89,5637,8499,5992,7929,2203,4957,5676,5446,10169,10176,10195,10171,10182],"tags":[167,8077,47,420,118,2819,2374,160,4606,8928,5771,2432,3308,5499,2038,5604,1632,8965,5851,10207,4181,9081,10196,507,1180,1907,4829,6384,207,4014,10198,745,6924,10201,10204,2359,3141,10199,10203,4823,1795,87,4747,10205,5317,412,1880,2426,10092,100,9942,8255,10197,689,6785,3895,2918,3357,7627,1249,7450,3232,71,937,10202,3076,4410,1691,1658,1630,10206,5146,444,2322,7078,1013,10200,839],"class_list":["post-7435","post","type-post","status-publish","format-standard","hentry","category-aerospace","category-aerospace-news","category-airbus-news","category-airline","category-airline-news","category-aviation-news","category-business-news","category-crime-news","category-economic-news","category-european-news","category-finance-news","category-global-politics","category-international-news","category-military-news","category-news","category-stock-news-2","category-transport","category-transportation","category-travel","tag-aerospace","tag-agreed","tag-airbus","tag-airline","tag-airlines","tag-approved","tag-atlantic","tag-aviation","tag-billion","tag-bribed","tag-bribery","tag-britain","tag-cloud","tag-code","tag-contracts","tag-controls","tag-corruption","tag-courts","tag-d-c","tag-disclosures","tag-district","tag-divisions","tag-draws","tag-england","tag-european","tag-executive","tag-export","tag-fine","tag-france","tag-fraud","tag-gogh","tag-group","tag-hid","tag-hired","tag-intermediary","tag-investigation","tag-judge","tag-justice","tag-lankan","tag-legal","tag-line","tag-london","tag-markets","tag-misled","tag-name","tag-news","tag-office","tag-officials","tag-overseas","tag-paris","tag-pattern","tag-payments","tag-pervasive","tag-planemaker","tag-prosecutors","tag-public","tag-record","tag-royal","tag-said","tag-sales","tag-serious","tag-settlement","tag-sfo","tag-space","tag-sri","tag-states","tag-supplier","tag-transport","tag-transportation","tag-uk","tag-ukef","tag-under","tag-united","tag-van","tag-violations","tag-washington","tag-wife","tag-worldwide"],"_links":{"self":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/7435","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7435"}],"version-history":[{"count":2,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/7435\/revisions"}],"predecessor-version":[{"id":7439,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/7435\/revisions\/7439"}],"wp:attachment":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7435"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7435"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}