BAE pays $400m to end corruption case

* username: rupertbu

The arms maker BAE Systems is to pay more than $400m in penalties to settle bribery allegations in a groundbreaking transatlantic settlement of Britain’s biggest and most politically contentious corporate corruption case.

The company will pay the vast bulk of the fines in the US, while it will hand over £30m in the UK and plead guilty to a minor Companies Act accounting record offence.

The agreement is bound to provoke sharp debate – particularly in the UK – about whether BAE is being punished sufficiently, given the size and scope of the corruption allegations against it.