PARIS – Airbus confirmed today, Friday, that it is negotiating with the French authorities regarding a new settlement related to an bribe related to previous dealings in Libya and Kazakhstan, in order to expand record fines agreed upon in 2020.
This information was revealed in a statement released today, on Friday, after officials of the prosecution claimed earlier this week that they were in negotiations with Airbus to resolve unresolved issues, similar to the earlier case in which a sizable bribe was paid over a period of time.
In disclosing the account for the quarterly results, Airbus stated that it is fully cooperating with the French authorities in the investigations pertaining to Kazakhstan and Libya. The company later updated on Friday that these two investigations had developed into discussions on a new settlement, which it described as a “limited expansion” of the original issues and resulted in a fine of 3. 6 billion euros (3. 58 billion dollars) in 2020, of which $ 2.
1 billion in France, whereas the French portion of the 2020 settlement revealed money laundering, fraud, and corruption of foreign officials.
This happened following a four-year inquiry that began in Britain and eventually expanded to France and the United States and exposed the network of middlemen and covert payments in publicly available information that Airbus and the prosecutors had previously agreed upon.
According to Airbus, the new settlement will not have a negative effect on the earlier agreement, which established terms and required three years of mandatory monitoring in exchange for the suspension of the allegations that would have prevented the business from signing public contracts.
According to those who are familiar with the issue, it relates to the sales of helicopters, satellites, satellite control centres, and planes to Libya under Muammar Gaddafi in 2007 and 2009.
According to Airbus, it was questioned about the Kazakhstan case as a “witness as an assistant,” a middle-ranking status under French law that indicates he is suspected of committing a crime but has not yet been charged.
The management of the aircraft manufacturer has undergone extensive changes since the initial probe began in 2016. The business claims to have the most recent reporting and compliance system.
Up until the beginning of the following year, the corporation will continue to be under external observers’ watch.
Additionally, the business is being sued in civil court in the Netherlands over allegations that its legal department neglected to disclose to investors that it used brokers. According to Airbus, the defensive reaction was “charred.”
The resolution of corruption proceedings in Kazakhstan and Libya is negotiated by Airbus.
About Author
