ref="http://www.cityam.com/company/rolls-royce-holdings">ROLLS-ROYCE has hired a former Herbert Smith senior partner who monitors compliance at BAE Systems to conduct a review of its own compliance procedures after claims of bribery and corruption overseas.
Lord Gold of Westcliff-on-Sea, who spent 38 years as a solicitor at the law firm including five years as senior partner, will look into Rolls’ dealings with some of its intermediaries.
Rolls revealed in December that an internal probe conducted at the behest of the Serious Fraud Office (SFO) had thrown up “matters of concern” at its Indonesian and Chinese businesses.
The SFO is examining whistleblowers’ claims of improper payments to firms that later signed multi-billion pound contracts with Rolls-Royce. The US Department of Justice has also been made aware of the allegations.
Gold, who was made a Conservative peer in 2011, is an independent corporate monitor at aerospace rival BAE Systems, a role that is due to come to an end by August.
He is responsible for submitting reports to the DoJ, following BAE’s $400m fine for making false statements in 2010.
He set up his own litigation practice after leaving Herbert Smith, and has been described by law directory Chambers as “a legal Rottweiler”.
“He is one of the UK’s most senior litigators and has extensive experience working at the highest levels with corporations, governments and regulators around the world,” Rolls said.