Jump to navigation

Vol 51 No 4

Published 19th February 2010


South Africa

Protection in the arms bazaar

A plea bargain deal in the UK and USA has set back investigations into arms trade crookery in South Africa and Tanzania

The US$450 million in fines that BAE Systems agreed to pay on 5 February to halt investigations into corrupt payments on arms deals adds to its financial woes. And it covers only part of the claims against its businesses. BAE’s profits for 2009 fell 43% to £982 mn. ($1.5 bn.) after it lost a US army contract and paid fines on its Saudi Arabian and Tanzanian contracts.Yet it remains one of the world’s biggest arms companies and its plea deal looks cheap. Germany’s Siemens paid $1.3 billion to settle similar corruption claims and the USA’s Halliburton paid some $600 mn. in a plea bargain with the US Department of Justice and Securities and Exchange Commission for its corrupt payments on Nigeria’s $6 bn. gas export plant.

End of preview - This article contains approximately 616 words.

End of preview

Subscribers: Log in now to read the complete article.

Account Holders: Log in now and use your Account Credit to buy this article. No Credit? Top up your Account now.


If you are logged in, but still cannot access the full text of this article, email customer services or telephone us on +44(0)1638 743633.