UK defence firm Ultra agrees deal with prosecutors over failure to prevent bribery
Ultra Electronics Reaches Deferred Prosecution Agreement with SFO
LONDON, May 1 (Reuters) - The UK's Serious Fraud Office has reached a deferred prosecution agreement with British defence contractor Ultra Electronics for failure to prevent bribery, it said on Friday.
Financial Penalties and Admission of Responsibility
Ultra, which had referred itself to the SFO, agreed to pay 10 million pounds ($13.6 million) after accepting responsibility, the agency said.
Background and Company Statement
Acquisition and Historical Conduct
The company, which in 2022 was acquired by rival Cobham, owned by U.S. private equity firm Advent, said in a statement that the deal ended "an investigation into historical conduct that predates Ultra's current management and ownership".
Cooperation with Authorities
"Ultra, and its parent company Cobham Ultra Limited, have fully co-operated with all aspects of the SFO's investigation," the statement added.
Details of the Bribery Case
Contracts in Algeria and Oman
The SFO said the deal relates to three public sector contracts in Algeria and Oman that Ultra sought through the use of agents.
Omani Ministry of Transport and Communications Contract
One was a contract worth up to 200 million pounds awarded by the Omani Ministry of Transport and Communications, while the other two related to Algeria and were not ultimately secured by Ultra, the SFO said.
Terms of the Deferred Prosecution Agreement
Financial Settlement and Compliance Measures
Under the deal, Ultra will also pay the SFO's investigation costs of 4.8 million pounds and provide annual reports for the next three years on its anti-bribery and compliance programme.
($1 = 0.7342 pounds)
(Reporting by Sam Tobin; editing by Barbara Lewis and Louise Heavens)
