Jet engine maker Rolls Royce has agreed to pay $808 million (nearly Rs 5,375.4 crore) to settle bribery and corruption charges brought by authorities in the US, the UK and Brazil as it admitted to paying bribes in connection with its business operations in China, India and other countries.
As part of the deal, Rolls-Royce will pay $170 million (nearly Rs 1131 crore) to the US Justice Department.
The aerospace firm will pay $604 million (nearly Rs 4018.3 crore) plus costs to the Serious Fraud Office (SFO), which started investigating claims in 2012 of wrongdoing overseas.
A further settlement would see it pay $26 million (Rs 172.97 crore) to Brazilian regulators, it added.
“As part of its resolution with the Serious Fraud Office, Rolls-Royce entered into a deferred prosecution agreement (DPA) and admitted to paying additional bribes or failing to prevent bribery payments in connection with Rolls-Royce s business operations in China, India, Indonesia,
Malaysia, Nigeria, Russia and Thailand between in or around 1989 and in or around 2013, and Rolls-Royce agreed to pay a total fine of 497,252,645 ($604,808,392),” US Justice Department said.
Rolls-Royce also agreed to pay a penalty of approximately $25,579,170 for the company s role in a conspiracy to bribe foreign officials in Brazil between 2005 and 2008.
Because the conduct underlying the Brazilian Ministerio P blico Federal (MPF) resolution overlaps with the conduct underlying part of the department s resolution, the department credited the $25,579,170 that Rolls-Royce agreed to pay in Brazil against the total fine in the United States.
Therefore, the total amount to be paid to the United States is $169,917,710, and the total amount of penalties that Rolls-Royce has agreed to pay is more than $800 million, it said.
Source: dnaindia.com