Ultra Electronics Strikes £10 Million Deal with Serious Fraud Office Over Bribery Case
Ultra Electronics has entered into a deferred prosecution agreement with the UK's Serious Fraud Office, agreeing to pay £10 million for failing to prevent bribery. The case involves contracts in Algeria and Oman. Ultra will also cover investigation costs and submit compliance reports for three years.
- Country:
- United Kingdom
The UK's Serious Fraud Office has concluded a significant agreement with Ultra Electronics, a British defense contractor, over bribery prevention failures. The company will pay £10 million as part of the deal.
Acquired by Cobham in 2022, Ultra did not comment on the deal, which sees the end of a criminal probe related to Algeria and Oman contracts pursued by Ultra using agents.
One notable contract involved was worth up to £200 million from Oman, while the remaining two in Algeria were unsuccessful. Ultra will also pay £4.8 million for the investigation and adhere to compliance reporting for three years.
(With inputs from agencies.)
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