Airbus in aircraft sales suspected of fraud – THE WORLD

Airbus may have boosted the sale of aircraft with the help of fraud, bribery and corruption. This suspicion is now the British law enforcement agency for serious fraud SFO (Seriuos Fraud Office) to.

In a brief message to the financial markets of the aerospace company informed on Sunday evening an institution of judicial proceedings of the authority. It operates from a presumed loss of more than one million pounds.

The investigation of law enforcement officers are indirectly related to irregularities in aircraft financing on the British export financing Bank (UKEF). In early April, Airbus reported errors in applications for funding from the bank that supports the sale of aircraft state.

Photo:. AFP / Archives the British anti-corruption authority has opened an investigation against the European aircraft manufacturer Airbus

at that time it was reported that in the documents for loans lacked some details, such as who was involved as a party or other consultants in the contracts. As it was said that Airbus had even encountered the error and had the British export financing bank, but also the fraud investigation authority SFO informed. To which orders it has acted concretely, so far has not been made public.

As a result of irregularities stopped in April first British UKEF and shortly afterwards the French and German exports help banks COFACE and Euler Hermes Airbus sales promotion through the provision of loans and guarantees. Airbus downplayed the full braking of export aid banks for their own business by pointing out that last only five to six percent of the sales were made through these banks.

British authorities identify

Airbus alone in 2015 sold more than 1,000 new aircraft. The order backlog at mid-2016 at 931 billion US dollars.

In presenting the half-year figures Airbus recently announced that no later than the end to provide for the resumption of the stopped grants is. This assessment had despite recent development changed anything, it is currently in consolidated districts.

While export banks obviously can start the grants again, determined now British law enforcement agencies. It is completely open, when there is a result.

This is demonstrated by a second case, the concerns and the Airbus Group. So being researched for four years at the SFO in a suspected fraud case where the Airbus subcontractors GPT is charged with infringing in Saudi Arabia in electronics work against laws. Supposedly made possible offenses before acquisition of GPT by Airbus.

Group plans to review its business

In both cases has pledged its cooperation and support of the authorities Airbus.

forth from Airbus documents to the financial Statements is that the Group’s relationships with business partners and consultants regarding , now completely redesigned on the points ethics and compliance, ie compliance with the legislation. This concerns particularly the item entitled “Promotion Activities” – Airbus does not speak of corruption. It would put all activities to consultants under the microscope.

precaution refers to the group that the comprehensive review and improving controls and procedures can also lead to trade disputes or other consequences.

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