Rolls-Royce in talks with Serious Fraud Office over bribery, corruption
Rolls-Royce is in talks with the Serious Fraud Office over alleged malpractice by intermediaries.
The aircraft engine manufacturer said that following a request from the Serious Fraud Office (SFO), it has passed along information which relates to concerns over the company's overseas intermediaries. According to the firm, Indonesian and Chinese intermediaries are under scrutiny, "bribery and corruption" at the forefront of the talks.
These allegations of malpractice, together with Rolls-Royce's disclosure, will be investigated by regulatory authorities.
Rolls-Royce says it will cooperate fully with the SFO, and although it is "too early to predict the outcomes", the investigation may result in the prosecution of individuals and of the company itself. The aircraft engine manufacturer also stated it plans to appoint an independent consultant to review its current compliance procedures.
John Rishton, Rolls-Royce Chief Executive, said:
"I want to make it crystal clear that neither I nor the Board will tolerate improper business conduct of any sort and will take all necessary action to ensure compliance. This is a company with exceptional prospects and I will not accept any behaviour that undermines its future success."
Rolls-Royce currently employs over 40,000 people in 50 countries.
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This post was originally published on Smartplanet.com