The chief executive of European plane maker Airbus SE is bracing for prolonged investigations by government antifraud authorities before various probes are completed even as the company has stepped up efforts to enhance compliance procedures.
“We expect these investigations…to last for some time, probably years, ” Tom Enders told reporters. He said the company was facing “serious compliance issues,” but was cooperating with authorities it had notified of the potential misdeeds.
In 2016, Britain’s Serious Fraud Office began investigating Airbus’s possible misuse of middlemen in winning plane deals. French officials also are probing the use of third-party intermediaries used during the sale of commercial airliners.
Airbus has said it had hired forensic accountants to help review what happened and has frozen payments to third-party consultants.
The Toulouse, France-based company that competes for orders against larger rival Boeing Co. last month established a new compliance-review group led by outsiders to help improve compliance.
Source: FoxBusiness
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June 12, 2017 at 10:17PM
from The Compliance Exchange
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