French jet engine maker Safran SA (SAF.PA) will pay about $17.2 million as part of a settlement with the U.S. Justice Department over bribes its subsidiaries allegedly paid in China, the Department of Justice (DoJ) said in a statement made public on Friday.
The Paris-based aerospace supplier will be required to turn over profits from “corruptly obtained” and retained contracts by its U.S.-based subsidiary, Monogram Systems, the DoJ said.
Monogram and Safran s German unit, Evac GmbH, allegedly paid bribes to obtain “lucrative” train lavatory contracts with the Chinese government.
Safran did not immediately respond to Reuters request for a comment.
The company, which co-produces engines for Boeing 737 with General Electric (GE.N) through their CFM venture, will continue to fully cooperate with the government s ongoing investigation, the DoJ said.
Safran has also taken redressal measures, including firing an employee allegedly
involved in the misconduct and withholding the deferred compensation of another, according to the Wall Street Journal that first reported the news.
General Zhang Youxia, Vice Chairman of China's Central Military Commission (CMC), has commended the Pakistan…
Punjab Chief Minister (CM) Maryam Nawaz Sharif has expressed her gratitude to the people of…
President of Belarus Aleksandr Lukashenko on Wednesday departed after completing a three-day official visit to…
The recent clashes between the two warring sides in the Khyber Pakhtunkhwa's Kurram district continued…
A number of United States' lawmakers along with Amnesty International have voiced support for demonstrators…
Hamas is ready to reach a ceasefire in the Gaza Strip, a senior official in…
Leave a Comment