Rolls-Royce to Pay $810 Million to Settle Bribery Case
January 16 2017 - 1:20PM
Dow Jones News
By Tapan Panchal
LONDON -- Rolls-Royce Holdings PLC said Monday it will pay a
total of around GBP671 million ($810 million) to law enforcement
authorities in the U.S., U.K. and Brazil to settle bribery and
corruption charges.
The company, which manufactures jet engines and marine diesel
engines, said it had reached deferred prosecution agreement, a type
of settlement agreement with the U.S. Department of Justice and the
U.K.'s Serious Fraud Office. It also has reached a leniency
agreement with Brazil's Public Prosecutor's Office.
Under the settlement agreements, Rolls-Royce will pay $169.9
million to the Justice Department, $25.6 million to Brazilian
authorities and GBP497.3 million to U.K.'s law enforcement
authority.
The U.K.-listed company said it would provide a further update
on implications of the settlement agreements when it reports its
full-year 2016 results on Feb. 14. It added that the company had a
good finish to the year with both profit and cash expected to be
ahead of expectations.
Write to Tapan Panchal at Tapan.Panchal@wsj.com
(END) Dow Jones Newswires
January 16, 2017 13:05 ET (18:05 GMT)
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