Airbus to take US$4b provision to settle fraud and corruption investigations
Airbus has disclosed that it will take a provision of E3.6b (US$4b) to cover penalty payments following its preliminary agreements to settle investigations by 3 states into alleged corruption in its activities. The agreements in principle centre on probes by UK, French and US regulators and remain subject to court approval, says Airbus. It states that the agreement with UK authorities has been the subject of a preliminary court ruling Jan 28, while further court hearings in the UK, France and USA are expected Jan 31. The E3.6b provision, which will be booked in Airbus’s accounts for 2019, will depend on the agreements securing court approval. Concerns had emerged in early 2016 over Airbus applications for export credit, which the airframer had voluntarily flagged to UK Export Finance. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-01-29/general/airbus-to-take-us-4b-provision-to-settle-fraud-and-corruption-investigations
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Airbus to take US$4b provision to settle fraud and corruption investigations
Airbus has disclosed that it will take a provision of E3.6b (US$4b) to cover penalty payments following its preliminary agreements to settle investigations by 3 states into alleged corruption in its activities. The agreements in principle centre on probes by UK, French and US regulators and remain subject to court approval, says Airbus. It states that the agreement with UK authorities has been the subject of a preliminary court ruling Jan 28, while further court hearings in the UK, France and USA are expected Jan 31. The E3.6b provision, which will be booked in Airbus’s accounts for 2019, will depend on the agreements securing court approval. Concerns had emerged in early 2016 over Airbus applications for export credit, which the airframer had voluntarily flagged to UK Export Finance. <br/>
