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Judge criticises 'hastily drafted' BAE plea deal
Handing down a £500,000 fine and £225,000 in costs, Mr Justice Bean told Southwark Crown Court he was "surprised" the prosecutor had given BAE indemnity for all past offences, disclosed or otherwise, as part of the deal.
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David Prosser: Now it's time to stamp out corruption and bribery for good
The difficulty, however, is that while even the judge raisedconcerns about the fishy payments BAE accepts it made to a middleman in the Tanzania deal, there was no evidence with which to build a case against the company for… -
BAE systems fined for accounting failures
BAE pleaded guilty to one count of breaching its duty to keep accounting records contrary to section 221 of the Companies Act 1985 following a written settlement with the Serious Fraud Office on February 16. -
BAE faces fine over Tanzanian radar contract
Under the Serious Fraud Office (SFO) settlement, BAE has agreed to pay £30m to the Tanzanian people. Mr Justice Bean, hearing the case in London yesterday, was outspokenly critical of BAE. Describing the company's attitude as… - View bae visually. Visit the NewsWall.
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The City Diary: Loose cash
He employed the services of the famed Clare Montgomery QC, who has subsequently moved on to defend Shrien Dewani – the British newly-wed accused of hiring a hitman to kill his bride – and has represented the likes of… -
New finance chief at BAE
The incumbent, George Rose, will retire from the BAE board at the end of March. Mr Lynas, currently the group's director of financial control, reporting & treasury, will take over and join the company's board in April. -
BAE to cut 1,300 jobs
BAE Systems's Kevin Taylor said the company has "taken time to understand the implications" of the Strategic Defence Review published by the Government in October. The move – characterised by trade unions as "a tragedy for… -
Market Report: Heritage Oil takes a turn in takeover spotlight
There was speculation that it could attract a bid of 275p-a-share, with Finmeccanica, BAE Systems and Northrop Grumman all talked about as potentially considering a move. One of those mooted as a target was Heritage Oil, with… -
BAE Systems set to cut 1,350 jobs
The job losses will hit a number of sites, including BAE's Woodford plant outside Stockport, where the Nimrod was assembled, it is believed. Around 700 jobs will go from Woodford, with another 650 to be cut at other BAE … -
WikiLeaks releases list of sites 'vital to US national security'
Many are in the UK, including several satellite sites and plants owned by BAE Systems. Hundreds of pipelines, communication hubs and manufacturing plants on several continents were listed, along with some of the planet's…
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Scotland Yard 'have paperwork needed to arrest Julian Assange'
The website revealed a detailed list of installations worldwide including a number of sites in the UK such as satellite sites, BAE Systems plants and cable locations. The leaks list three UK sites owned by BAE systems. -
Market Report: US defence cuts shoot down BAE Systems
BAE Systems was just one of 11 fallers on the blue-chip index, as Goldman Sachs warned that the defence market in the States "is deteriorating faster than we expected". Goldman Sachs accordingly repeated its "conviction sell"… -
Cable criticises Prince's outburst – but he can keep royal trade role
The Business Secretary nonetheless criticised Prince Andrew for appearing to question the SFO investigation into alleged bribes paid to a Saudi royal in return for the multi-year "Al-Yamamah" arms deal with BAE Systems. - View bae visually. Visit the NewsWall.
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How Prince Andrew's 'rudeness' shocked American ambassador
Explaining that Prince Andrew was referring to the SFO's investigation into alleged kickbacks paid to a senior Saudi royal in return for the multi-year arms deal with BAE Systems, Ms Gfoeller said the businessmen "roared their… -
Treasury urged to loosen politically driven 'ring-fenced' spending plans
BAE "as a symptom of wider difficulties in controlling the defence budget". The cross-party group is also critical of the aircraft carrier contract with The committee argues that "although ring-fencing might fulfil electoral…