Airbus has agreed in principle to settle with French, British and U.S. authorities over an investigation into allegations of bribery and corruption dating back over a decade
) faces billions of dollars of fines after agreeing in principle to a settlement with French, British and U.S. authorities following a crippling three-year investigation into allegations of bribery and corruption.
Announcing the agreement, Airbus - which dominates with U.S. rival Boeing the commercial airliner market - said it could not comment on the size of settlements, which still need court approval. Airbus shares rose, however, as traders welcomed the closure of one of the most damaging chapters in the company’s 40-year history. The stock was up about 1.3% at 1100 GMT.
It was not immediately clear to what extent the U.S. part of any settlement would stick to the separate issue of export control violations or include the broader corruption case. In 2014, then finance director Harald Wilhelm ordered a halt to all third-party payments, triggering a massive internal probe and claims from unpaid consultants.
In a landmark 2017 ruling setting the bar for future settlements, a British judge had described Rolls-Royce as “dramatically changed” with a new leadership and culture.
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