Rolls Royce admits to bribery in Thailand
Jet engine producer Rolls Royce pays 28.5 billion baht to settle bribery case in Thailand & six other countries over three decades. No details on who received massive bribes in Thailand.
Jet engine producer Rolls Royce pays 28.5 billion baht to settle bribery case in Thailand & six other countries over three decades. No details on who received massive bribes in Thailand.
CORRUPTION & INTERNATIONAL BUSINESS
Rolls Royce admits to bribery in Thailand
18/01/2017
Associated Press News agency
LONDON - Jet engine maker Rolls Royce has agreed to pay £671 ($808 million, 28.5 billion baht) to settle bribery and corruption charges brought by authorities in Britain, the US and Brazil.
The case involved admitted bribery in Thailand, but authorities said no Thai complaint was filed, and no details were forthcoming.
LARGEST EVER INVESTIGATION BY UK FRAUD OFFICE
UK High Court judge Brian Leveson approved a deferred prosecution agreement during a public hearing on Tuesday.
The agreement follows a four year investigation, which will continue to look at the conduct of individuals.
Britain's Serious Fraud Office (SFO) said the matter covers 12 counts of conspiracy to corrupt, false accounting and failure to prevent bribery in conduct spanning three decades.
It was the largest ever investigation carried out by the Serious Fraud Office and cost £13 million.
CASE SPANS 30-YEARS & SEVEN COUNTRIES
"Bribery harms the reputation of the UK as a safe place to do business," said David Green, the SFO director.
He said the agreement "allows Rolls-Royce to draw a line under conduct spanning seven countries, three decades and three sectors of its business."
Rolls' civil aerospace, defence aerospace businesses and former energy businesses were involved in matters relating to aero engines, energy systems and related services.
The UK's agreement covered conduct in Indonesia, Thailand, India, Russia, Nigeria, China and Malaysia.
BUSINESS PRACTICES OF THE PAST, NOT THE PRESENT
Rolls-Royce said in a statement that the "voluntary agreements" will result in the suspension of prosecution.
Company CEO Warren East apologised and said the behaviour of the past was "completely unacceptable."
"This was unworthy of everything which Rolls-Royce stands for, and that our people, customers, investors and partners rightly expect from us," he said in a statement.
"The past practices that have been uncovered do not reflect the manner in which Rolls-Royce does business today."
FINES OF £497 MILLION, $169 MILLION & $25.6 MILLION
The company said it had cooperated with authorities and would continue to do so.
Under the terms of the deal, the company will pay £497 million plus interest to British authorities on a schedule of up to five years.
It will pay the US authorities $169 million and $25.6 million to the Brazilians.
JAIL TERMS NEEDED TO SERVE AS DETERRENT
Transparency International's UK executive director Robert Barrington says individuals should be prosecuted so the case serves as a deterrent to bribery.
He argued, however, that the hint of prosecutions of individuals involved is too vague to assess whether the public interest has really been served.
"A fine is insufficient as a punishment and deterrent, because at face value, it sends an unfortunate message that large companies can escape criminal prosecution by paying their way out - somewhat ironically for a bribery case," Barrington said.
http://www.bangkokpost.com/news/transport/1181845/rolls-royce-admits-bribery-in-thailand
สามารถฝึกอ่านออกเสียงและดูคำแปลได้ที่ : http://www.bangkokpost.com/learning/learning-from-news/1182336/rolls-royce-admits-to-bribery-in-thailand
