Airbus to pay US$4b to settle corruption probe, says French prosecutor

PARIS, Jan 31 — European planemaker Airbus will pay €3.592 billion (RM16.3 billion or US$3.98 billion) to settle corruption probes by US, British and French authorities into contract dealings, France’s financial prosecutor said today.

The simultaneous settlements in Britain, France and the United States mean the European planemaker has avoided prosecution, lifting a legal cloud that has hung over the Europe’s largest aerospace group for years.

There was no immediate word on whether individuals could face charges.

Airbus has reached an agreement to settle corruption charges with France’s financial prosecutor for €2.08 billion, the prosecutor said. Announcements from British and US authorities on their settlements were expected later today.

The deal, believed by anti-corruption experts to be the largest ever in a bribery case, ends an almost four-year crisis that led to a sweeping management overhaul and delayed plans to redeploy the plane giant’s cash surplus.

While the size of the penalty is large, criminal charges would have risked the company being barred from public contracts in the United States and European Union — a massive setback for one of Europe’s top defence and space firms.

The European planemaker has been investigated by French and British authorities for suspected corruption over jet sales dating back more than a decade. It has also faced US investigations over suspected violations of export controls. — Reuters