"Ultra Electronics has agreed to pay a £10 million penalty and £4.8 million to cover the Serious Fraud Office investigation costs after admitting to failing to prevent bribery in connection with three public sector contracts."
"Graham McNulty, the interim director of the SFO, stated that bribery undermines trust and corrodes the systems on which society relies, emphasizing the SFO's commitment to holding companies accountable."
"The contracts involved included a £200 million deal with Oman's ministry of transport and communications and another for technology solutions at Houari Boumediene airport in Algiers, which were expected to generate a profit of £1.4 million."
Ultra Electronics has accepted responsibility for failing to prevent bribery and will pay £15 million following a Serious Fraud Office investigation. The investigation began in 2018 after the company self-reported corruption allegations. Ultra admitted to failing to prevent bribery related to three public sector contracts in Algeria and Oman. The company will implement reforms and provide annual reports to the SFO for three years. This case marks a significant outcome for the SFO amid previous high-profile case collapses.
Read at www.theguardian.com
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