BAE reaches settlement with US State Department over alleged civil violations

BAE Systems
Posted: 05/17/2011
17 May 2011

The Company and the U.S. Department of State have reached a civil settlement in connection with violations of the US defence export control regulations that were the subject of the company’s earlier settlement with the United States Justice Department, announced by the Company on 5th February 2010.
Under the agreement with the Department of State, the Company will pay a fine of up to $79m in respect of alleged civil violations. The fine will be payable over a period of three years, subject to a reduction of up to $10m in respect of the cost of enhanced export control compliance measures already implemented by the company and planned for implementation during the four-year period. In addition, a limited number of the company’s UK-originated export programmes will be subjected to enhanced administrative review, which is not expected to adversely impact the company’s current or future export programmes. The Company will also make additional commitments concerning its ongoing compliance.
BAE Systems
Posted: 05/17/2011

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