US fines BAE $79m

17th May 2011 07:57

Defence group BAE has been hit with more fines by the US for breaking the rules on exports of military products.It will pay an additional fine of up to $79m (£48m), on top of £450m it said it would have to pay in the UK and US last year after investigations into its dealings in various foreign countries.The latest fine "will be payable over a period of three years, subject to a reduction of up to $10m in respect of the cost of enhanced export control compliance measures already implemented by the company and planned for implementation during the four-year period," the company said.BAE chairman Dick Olver said: "The company is grateful to the State Department for the time and effort its staff have invested over the last year in reviewing the company's present compliance systems and processes, which enabled them to conclude that the company has initiated appropriate steps to address the cause of the past civil violations and to mitigate any law enforcement concerns."---RG