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Rolls-Royce agrees to pay record £671m bribery and corruption settlement

Staff Writer | January 17, 2017
Rolls-Royce has agreed to pay £671 million plus interest to settle bribery and corruption allegations in the UK, U.S. and Brazil.
Engineering   A voluntary provisional agreement
Rolls-Royce said it had reached a voluntary provisional agreement to suspend prosecution if it fulfils certain requirements, including the payment the penalties to the UK's Serious Fraud Office, the U.S. Department of Justice (DoJ) and Brazil's Ministerio Publico Federal.

Total payments by Rolls-Royce in the first year of all three agreements would be £293m at current exchange rates, with close to £497m to the SFO over five years. The settlement was said to be a record of its kind.

Rolls-Royce added that, ahead of full year results on 14 February, "early indications are that the group has had a good finish to the year with both profit and, in particular, cash expected to be ahead of expectations".