Airbus to set aside 3.6b euros to settle graft probe

European aerospace giant Airbus said on Tuesday it has agreed to set aside up to 3.6 billion euros to settle a corruption probe by authorities in France, Britain and the United States.

Courts in all three countries will on Friday examine the proposed settlement with Serious Fraud Office in Britain, the PNF in France and the US Department of Justice, Airbus said.

“If approved by the courts, the agreements will result in Airbus taking a provision of 3.6 billion euros ($4 billion) for the payment of potential penalties to the French, UK, and US authorities,” Airbus said in a statement.

The amount will be booked in the aerospace giant’s 2019 accounts.

Earlier, Airbus had announced that it had reached agreement in principle with the French, British and US authorities as part of efforts to avoid expensive litigation, but had not provided any figure.

The affair began as an internal investigation and was a factor in a more than year-long executive shake-up at Airbus that ended in April 2019 when Guillaume Faury replaced Tom Enders as chief executive.

 

 

Airbus to set aside 3.6b euros to settle graft probe

European aerospace giant Airbus said on Tuesday it has agreed to set aside up to 3.6 billion euros to settle a corruption probe by authorities in France, Britain and the United States. Courts in all three countries will on Friday examine the proposed settlement with Serious Fraud Office in Britain, the PNF in France and the US Department of Justice, Airbus said. If approved by the courts, the agreements will result in Airbus taking a provision of 3.6 billion euros ($4 billion) for the payment of potential penalties to the French, UK, and US authorities, Airbus said in a statement. The amount will be booked in the aerospace giants 2019 accounts. Earlier, Airbus had announced that it had reached agreement in principle with the French, British and US authorities as part of efforts to avoid expensive litigation, but had not provided any figure. The affair began as an internal investigation and was a factor in a more than year-long executive shake-up at Airbus that ended in April 2019 when Guillaume Faury replaced Tom Enders as chief executive.