Rolls-Royce to pay more than $800 mln to settle bribery charges -DoJ

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By Joel Schectman | WASHINGTON

WASHINGTON Rolls-Royce Plc agreed to pay
authorities more than $800 million to resolve charges of bribing
officials in six countries in schemes that lasted more than a
decade, the U.S. Justice Department and U.K. Serious Fraud
Office said in statements Tuesday.

The company admitted to paying officials at state-run
energy companies in Kazakhstan, Thailand, Brazil, Azerbaijan,
Angola and Iraq more than $35 million in order to win contracts,
the Justice Department said.

Among the bribes, Rolls-Royce paid a Brazilian official $1.6
million through a middleman to win numerous oil equipment
contracts from Petrobras, U.S. authorities said.

“The behaviour uncovered in the course of the investigations
by the (U.K.) Serious Fraud Office and other authorities is
completely unacceptable and we apologise unreservedly for it,”
Rolls-Royce Chief Executive Officer Warren East said in a
statement.

The company said it had overhauled its systems, culture,
training, governance and ethics strategies had all been
overhauled, while cutting dramatically the number of
intermediaries it uses.

The settlement included agreements with U.S., U.K. and
Brazilian authorities who the company agreed to pay $170
million, 497 million British-pounds ($616 million) and $25.6
million respectively, the Justice Department said.

The case is the third resolution related to Petrobras in the
United States following a nearly three-year investigation in
Brazil dubbed “Operation Car Wash” into corruption at oil
company, which has led to dozens of arrests and political
upheaval in the country.

Petrobras did not return a request for comment. (Additional reporting by Sarah Young and Kristin Ridley in
London)



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