Aerospace and defense company Rolls-Royce confirmed this week that the U.K. Serious Fraud Office has launched a formal criminal investigation relating to allegations of foreign bribery and corruption.
In December 2012, Rolls-Royce informed the SFO that it had discovered “matters of concern” in China, Indonesia, and other overseas markets. “We have been informed by the Serious Fraud Office that it has now commenced a formal investigation into these matters,” Rolls-Royce said in a statement issued Dec. 23, 2013.
In its December 2012 statement, Rolls-Royce said that it was “too early to predict the outcomes, but these could include the prosecution of individuals and of the company. We will cooperate fully.”
In recent years, Rolls-Royce has “significantly strengthened its compliance procedures,” including by establishing a new Global Ethics Code and a new Intermediaries Policy, the company stated. “As a further measure, Rolls-Royce will appoint an independent senior figure who will lead a review of current procedures and report to the ethics committee of the board.”
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