On Tuesday, aerospace giant, Airbus announced that it has reached a settlement with French, British and US authorities, putting an end to the ongoing investigations into corruption allegations against the company. The group was accused of bribery by French and British authorities, while the US investigated the company’s failure to abide by the export rule.
Airbus, which is the world’s second-largest aerospace manufacturer after its US Boeing, finalized the deal to save it from a persistent financial uncertainty hanging over it for the past few years. The deal to close the bribery and corruption case implies fewer legal risks for the company, allowing the manufacturer to focus on increasing production and sales of A320 aircraft and developing more planes with lower carbon emissions.
The aerospace group issued an official statement, stating, “Airbus confirms that it has reached an agreement in principle with the French Parquet National Financier, the UK Serious Fraud Office, and the US authorities”.
“These agreements are made in the context of investigations into allegations of bribery and corruption as well as compliance with the US international traffic in arms regulations (itar). They remain subject to approval by French and UK courts and US court and regulator,” it added. The company did not reveal the exact details of the settlement with the investigating authorities, but the analysts estimated that the arrangement would have cost the manufacturer about €3bn.
Read more ECONOMIC NEWS: