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€3,6 billion fine: Airbus settles with French, UK and US authorities

€3,6 billion fine: Airbus settles with French, UK and US authorities

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€3,6 billion fine: Airbus settles with French, UK and US authorities

Airbus has reached final agreements with the French Parquet National Financier (PNF), the U.K. Serious Fraud Office (SFO), and the U.S. Department of Justice (DoJ) resolving the authorities’ investigations into allegations of bribery and corruption, as well as with the U.S. Department of State (DoS) and the DoJ to resolve their investigations into inaccurate and misleading filings made with the DoS pursuant to the U.S. International Traffic in Arms Regulations (ITAR).

Airbus has agreed to pay penalties of € 3,598 million plus interest and costs to the French, U.K. and U.S. authorities. The settlements with each authority are as follows: PNF € 2,083 million, the SFO € 984 million, the DoJ € 526 million and the DoS € 9 million of which € 4.50 million may be used for approved remedial compliance measures.

Airbus
received credit from the authorities for having reported and for its
consistently strong cooperation during the investigations.

Convention
Judiciaire d’Intérêt Public with the PNF

Airbus has
agreed to enter into a Convention
Judiciaire d’Intérêt Public
with the PNF. This agreement does not
amount to an admission of liability. Under this agreement, the PNF has agreed
to suspend prosecution of Airbus for a duration of three years. Prosecution
will be discontinued if Airbus complies with the terms of the agreement
throughout this period, which it is committed to doing. The agreement also
contains an obligation for Airbus to submit its compliance programme to
targeted audits carried out by the Agence Française Anticorruption (AFA) over a
period of three years.

Deferred
Prosecution Agreement with the SFO

Airbus has
agreed to enter into a Deferred Prosecution Agreement with the SFO. This
agreement does not amount to an admission of liability. Under this agreement,
the SFO has agreed to suspend prosecution of Airbus for a duration of three
years. Prosecution will be discontinued if Airbus complies with the terms of
the agreement throughout this period, which it is committed to doing. In light
of the continuing monitorship to be conducted by the French Anti-Corruption
body, the AFA, no independent compliance monitor will be imposed on Airbus
under the agreement with the SFO.

Deferred
Prosecution Agreement with the DoJ

Airbus has
agreed to enter into a Deferred Prosecution Agreement with the DoJ. Under this
agreement, the DoJ has agreed to suspend prosecution of Airbus for a duration
of three years. Prosecution will be discontinued if Airbus complies with the
terms of the agreement during this period, which it is committed to doing. No
independent compliance monitor will be imposed on Airbus under the agreement
with the DoJ.

Consent
Agreement with the DoS

Finally,
Airbus has agreed to enter into a Consent Agreement with the DoS. Under this
agreement, the DoS has agreed to settle all civil violations of the ITAR
outlined in Airbus’ voluntary disclosures identified in the Consent Agreement,
and Airbus has agreed to retain an independent export control compliance
officer, who will monitor the effectiveness of Airbus’ export control systems
and their compliance with the ITAR.

For legal
reasons, Airbus cannot make any comment on the agreed Statements of Facts
published by the investigating authorities.

Airbus has
taken significant steps to reform itself and to ensure that this conduct will
not reoccur. Airbus has significantly enhanced its compliance system under the
supervision of an Independent Compliance Review Panel. The Company is committed
to conducting business with integrity.

Denis Ranque,
Chairman of the Board of Directors of Airbus, stated: “The settlements we have
reached today turn the page on unacceptable business practices from the past.
The strengthening of our compliance programmes at Airbus is designed to ensure
that such misconduct cannot happen again. The agreements also reflect that the
decision to voluntarily report and cooperate with the authorities was the right
one. The commitment from the Board, and its Ethics and Compliance Committee, to
provide full support to the investigation and the implementation of globally
recognised compliance standards have paved the way to today’s agreements.”

Guillaume
Faury, Chief Executive Officer of Airbus, added: “The agreements approved today
with the French, UK, and US authorities represent a very important milestone for
us, allowing Airbus to move forward and further grow in a sustainable and
responsible way. The lessons learned enable Airbus to position itself as the
trusted and reliable partner we want to be.”

Airbus will
continue to cooperate with the authorities in the future, pursuant to the
agreements, and to install a strong Ethics & Compliance culture within the
Company.

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Source: eTurboNews Syndication

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