BAE Systems reaches USD450 million in settlements over Tanzania radar system sale

BAE Systems reached (05-Feb-2010) settlements with the US Department of Justice (DoJ) and the UK Serious Fraud Office (SFO), in connection with the DoJ investigation announced on 26-Jun-2007 and SFO investigation announced on 03-Nov-2004, relating to a 1999 sale of a radar system to Tanzania. BAE will plead guilty to one charge of conspiring to make false statements to the US Government in connection with certain regulatory filings and undertaking and pay a fine of USD400 million and make additional commitments concerning its ongoing compliance. [more]