Sunday October 4, 04:45 PM
BAE Systems could still reach deal on corruption case
LONDON (AFP) - Defence equipment firm BAE Systems (LSE: BA.L - news) rejected a deal to end an investigation into alleged corruption but could still restart talks on reaching a settlement, newspapers reported on Sunday.
BAE turned down an up to 300 million pound settlement offer in a Serious Fraud Office case, the Sunday Times and Sunday Telegraph said.
Quoting an unnamed senior source from the firm, the Sunday Times said the original figure was rejected by BAE because it could have left them open to lawsuits for alleged misuse of shareholder funds.
It said a figure of 20 million pounds was more like what could be paid.
A deal could be approved without a need for a trial if a suitable plea bargain was agreed without an admission of liability, the papers said.
The Serious Fraud Office announced last week it would seek prosecution of BAE Systems over alleged corruption involving contracts with European and African nations.
BAE Systems could not be immediately reached for comment on the reports.
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