Airbus Settles UK Export Control Investigation with £6 Million Fine
Airbus Settlement Details and Background
Settlement Announcement and Payment
PARIS, July 29 (Reuters) - Airbus said on Wednesday it had paid just over £6.4 million to UK revenue and customs authorities to settle a two-year-old investigation into export control violations.
The European planemaker announced the probe involving several of its British entities in 2024.
Resolution of the Investigation
The settlement agreed earlier this month "closes and fully resolves the matter," Airbus said in notes to quarterly earnings released on Wednesday.
Focus of the Probe
People familiar with the probe have said it focused on anomalies over the cross-border transfer of parts for the A400M military airlifter that came to light during an audit in 2022.
Airbus Response and Cooperation
Airbus declined comment on details of the investigation but said it had voluntarily disclosed the issues and had cooperated fully with the review.
Remediation Measures
The company "has long since implemented comprehensive remediation measures," a spokesperson said.
Previous Export Control Case
In 2020, Airbus agreed to pay $10 million and appoint an export control compliance officer to resolve findings by the State Department that Airbus had violated export controls known as the U.S. International Traffic in Arms Regulations (ITAR).
(Reporting by Tim Hepher, Florence Loeve; Editing by Kirsten Donovan and Nick Zieminski)
