BAE handed $79m fine for corruption

BAE Systems has been slapped with a $79m (£48.8m) fine by the US government for breaking military export rules, drawing a line under corruption probes on both sides of the Atlantic.

The arms and defence firm’s payment comes on top of $450m in fines paid by BAE in the US and the UK last year.

BAE pleaded guilty last year to conspiring to make false statements to the US government in connection with certain regulatory filings and undertakings, relating to defence deals in Saudi Arabia, Tanzania, Sweden, the Czech Republic and Hungary.

The latest penalty is payable over three years, with a $10m discount if the firm improves its anti-corruption measures.

“This brings an end to the investigations and uncertainty that have surrounded the company for a while now,” said one analyst who covers the company.

BAE shares closed down 0.6 per cent at 337.1p yesterday.