Airbus Negotiating Over Libya and Kazakhstan Bribery Settlement Talks

Airbus Negotiating Over Libya and Kazakhstan Bribery Settlement Talks
  • Airbus SE EADSY is reportedly negotiating a new bribery settlement with French authorities over past dealings in Libya and Kazakhstan in addition to fines agreed in 2020.
  • The disclosure came after prosecutors said earlier this week they were in talks with Airbus to settle unspecified matters similar to the earlier case, involving widespread bribes paid over several years.
  • Airbus repeated that it cooperated fully with French authorities on investigations related to Kazakhstan and Libya, Reuters reported.
  • Related: Airbus Slapped With Fresh Bribery Case Settlement In France.
  • The company also added that these two probes had evolved into talks over a new settlement, which it described as a "limited extension" of matters that led to the 2020 fine of €3.6 billion, including €2.1 billion in France.
  • The French part of the 2020 settlement cited corruption of foreign officials, fraud, and money laundering.
  • Airbus said the new settlement would have no adverse impact on the earlier deal, which laid down conditions and compulsory monitoring for three years in exchange for suspending charges that would have barred the company from public contracts.
  • People familiar with the new case said it involved the sale of jets to Libya under Muammar Gaddafi in 2007 and helicopters, satellites, and a satellite control center to Kazakhstan in 2009.
  • The planemaker reported Q3 sales of €13.31 billion, +27% Y/Y, reflecting higher commercial aircraft deliveries, including a favorable mix, higher contributions from Airbus Defence, Space & Airbus Helicopters, and US dollar appreciation.
  • "The supply chain remains fragile resulting from the cumulative impact of COVID, the war in Ukraine, energy supply issues, and constrained labor markets," commented Guillaume Faury, Airbus CEO.
  • Price Action: EADSY shares are up 3.29% at $27.35 on the last check Friday.
  • Photo via Wikimedia Commons

Posted In: BriefsEarningsGovernmentLarge CapNewsLegalGeneral