BAE stands firm over SFO probe

14th Oct 2009 07:17

Defence giant BAE Systems today vowed to deal with any issues that arise from the Serious Fraud Office's (SFO) investigations into allegations of bribery "at the appropriate time and, if necessary, in court".The SFO is seeking consent from the Attorney General to charge the UK blue chip with 'offences relating to overseas corruption'. It's claimed BAE paid backhanders to win contracts overseas in the Czech Republic, Romania, South Africa and Tanzania.BAE commented today that it "continues to expend considerable effort seeking to resolve, at the earliest opportunity, the historical matters under investigation by the SFO.""BAE Systens at all times acted responsibly in its dealings with the SFO, taking into account the interests of its shareholders and employees and the legal advice it has received," it added."At this stage, it is not possible to determine the possible future financial effects that might result from this matte," it said.The weapons group also added it has traded in line with expectations since its half year results were published at the end of July and repeated its belief that it will be a year of good growth for 2009 as a whole despite a lower volume of land vehicle sales than in 2008. A weaker sterling will benefit the full-year numbers and operating cash inflow in the second half year should be stronger than in the first. Results for the year ending 31 December 2009 are due on 18 February.