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Ultra Electronics Pays 10M Pounds for Bribery Failures
2 May
Summary
- Ultra Electronics agreed to pay 10 million pounds to the SFO.
- The deal resolves bribery allegations linked to contracts in Algeria and Oman.
- The company was acquired by Cobham in 2022.
The UK's Serious Fraud Office (SFO) has finalized a deferred prosecution agreement with defence contractor Ultra Electronics, requiring a payment of 10 million pounds. This agreement addresses allegations that the company failed to prevent bribery. The investigation centered on three public sector contracts pursued in Algeria and Oman through the use of agents.
While one contract with Oman's Ministry of Transport and Communications was valued up to 200 million pounds, two other contracts in Algeria were not secured by Ultra. The company, acquired by Cobham Ultra Limited in 2022, emphasized that the SFO's investigation covered historical conduct prior to its current leadership and ownership.
Ultra Electronics has fully cooperated with the SFO throughout the process. In addition to the 10 million pound penalty, the company will also cover 4.8 million pounds in investigation costs. Furthermore, Ultra is mandated to provide annual reports for the next three years detailing its anti-bribery and compliance programs.
