Ultra Electronics Settles Bribery Case with £10m Payment After UK SFO Investigation
Details of the Ultra Electronics Bribery Settlement
Background of the SFO Investigation
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.
Settlement Terms and Company Response
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.
Ownership and Corporate Changes
The company – which in 2022 was acquired by rival Cobham, owned by U.S. private equity firm Advent – did not immediately respond to an emailed request for comment.
Contracts Under Investigation
Oman and Algeria Public Sector Contracts
The SFO said the deal, which ends its criminal investigation, 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.
Additional Settlement Requirements
Investigation Costs and Compliance Reporting
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)
