Wednesday, May 22, 2024
 
 

Airbus reaches deal on corruption probe

EPA/ANDY RAIN
The Airbus logo on the A380 at the Farnborough AIrshow in Farnborough, Hampshire, south east England, 15 July 2014. Reports on 27 July 2917 state Airbus plans to reduce the number of produced A380s from 15 in 2017 to 12 in 2018 and further reduce the numbers to 8 as of from 2019. Media reports state the company is struggling to find new buyers for the world's biggest passenger airplane.

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Airbus announced it has reached preliminary settlement deals with authorities in the US, UK and France investigating alleged fraud and bribery. It did not reveal the size of the settlements, but it put aside €3.6 billion to cover the costs.
Since 2016, UK and French authorities are investigating alleged bribery and corruption related to the company’s money transfers. In 2018, the US requested information from the UK and French investigations, amid suspicions that arms export rules could have been violated.
In its announcement, Airbus said it would pay €3.6 billion for potential penalties, once the agreement is approved by courts in the three countries.
“For legal reasons, Airbus cannot make any comments on the details of its discussions with the investigating authorities”, the statement reads.
If approved, the settlements would end four years of investigations and its executives would not have to face trial. The court hearings in each country are scheduled for 31 January.

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