Airbus Slapped With Fresh Bribery Case Settlement In France

  • Airbus SE EADSY EADSF and French authorities are reportedly negotiating a 2020 bribery settlement that could lead to an expansion.
  • French publication Mediapart said Airbus was being investigated for alleged bribery in selling 21 jets to Libya in 2007 as part of a broader probe into links with Libya under late leader Muammar Gaddafi.
  • Mediapart said Airbus is close to a new settlement, dubbed Public Interest Agreement (CJIP), which typically involves fines in lieu of suspending criminal charges.
  • "I can confirm discussions are underway with Airbus with a view to concluding a CJIP concerning matters that are an extension of those involved in the 2020 CJIP, but which could not be treated at that time," Reuters reported citing a PNF spokesperson.
  • In 2020, Airbus admitted to extensive past use of bribes and agreed to pay €3.6 billion fine to France, Britain, and the U.S., including €2.1 billion to French authorities.
  • The 2020 French CJIP cited corruption of foreign officials, fraud, and money laundering in selling jets and satellites.
  • Reuters also reported that Saudi Arabian Airlines is in talks with Airbus and Boeing Co BA on orders for itself and a new carrier the kingdom plans to launch, the state-owned airline's chief executive said.
  • According to Monday reports, Saudi Arabia's wealth fund was negotiating to order almost 40 A350s from Airbus.
  • Price Action: EADSY shares are up 5.04% at $25.84 on the last check Tuesday.
Posted In: Large CapNewsLegalGeneralBriefs
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