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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology BAE to pay 450 million dollars in fraud fines AFP - Saturday, February 6 Send IM Story Print Defence giant BAE Systems is to pay fines of nearly 450 million dollars to settle corruption charges with Britain's Serious Fraud Office and the US Department of Justice, the firm said LONDON (AFP) - – Defence giant BAE Systems said Friday it had agreed to pay fines of nearly 450 million dollars to settle charges brought by Britain's Serious Fraud Office and the US Department of Justice. The fines -- 400 million dollars to the DoJ, and 30 million pounds (47 million dollars) to the SFO -- relate to investigations into BAE deals with countries including Tanzania, the Czech Republic, Romania and South Africa. The defence firm admitted to making false statements to the US government about its compliance with anti-corruption regulations, and for failing to keep accurate accounts regarding a 1999 deal with Tanzania. "The company very much regrets and accepts full responsibility for these past shortcomings," BAE Systems chairman Dick Olver said in a statement to the London Stock Exchange. "These settlements enable the company to deal finally with significant legacy issues." He said the firm had made significant changes to the way it operated and hoped that in future, "the company is as widely recognised for responsible conduct as it is for high quality products and advanced technologies". Under the US deal, which still requires court approval, BAE has agreed to plead guilty to one charge of conspiring to make false statements to the US government concerning certain regulatory filings and undertakings. The DoJ accused the firm of making hundreds of millions of dollars in payments to third parties, in the knowledge that the money would very likely be handed over to people to favour BAE in the awarding of defence contracts. It claimed that before that, BAE had intentionally failed to put appropriate anti-bribery measures into place despite assurances to Washington that it would -- and afterwards, it had failed to inform US authorities about the payments. "The company will pay a fine of 400 million dollars and make additional commitments concerning its ongoing compliance," BAE said. Acting US deputy attorney general Gary G. Grindler confirmed the settlement, adding: "Any company conducting business with the United States that profits through false statements will be held accountable." Under the British deal, BAE said it would plead guilty to one charge of breach of duty to keep accounting records concerning payments made to a former marketing advisor in Tanzania over the sale of a radar system in 1999. BAE admitted the commission payments were not properly recorded, and it had failed to ensure its records were correct. It has agreed to pay 30 million pounds, of which some will be charitable payment for the benefit of Tanzania. SFO Director Richard Alderman said he was "very pleased" with the settlement, and said it would bring an end to his office's investigations. "The SFO has taken account of the implementation by BAE Systems of substantial ethical and compliance reforms... and has determined that no further prosecutions will be brought against BAE Systems in relation to the matters that have been under investigation by the SFO," it said. British fraud investigators have been probing BAE's business activities for years, and the firm will hope Friday's deal will bring this to an end. A decision by Britain's then prime minister Tony Blair in 2006 to drop a probe into BAE's arms deals with Saudi Arabia triggered a storm of controversy. Recommend Send IM Story Print News Search Top Stories JPMorgan's chief reaps 16-million-dollar bonus Jackson doctor to be charged Monday: prosecutors Mixed report shows US loses 20,000 jobs, unemployment dips BAE to pay 450 million dollars in fraud fines UN wildlife trade agency backs ban on bluefin tuna More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Fury heats up after new AIG bonuses Jackson doctor to be charged Monday: prosecutors British pub fights get safer with new design glasses Shell cuts jobs after profits plunge Blushing Pluto? 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