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Harry Cassin Publisher and Editor

Andy Spalding Senior Editor

Jessica Tillipman Senior Editor

Richard L. Cassin Editor at Large

Elizabeth K. Spahn Editor Emeritus 

Cody Worthington Contributing Editor

Julie DiMauro Contributing Editor

Thomas Fox Contributing Editor

Marc Alain Bohn Contributing Editor

Bill Waite Contributing Editor

Shruti J. Shah Contributing Editor

Russell A. Stamets Contributing Editor

Richard Bistrong Contributing Editor 

Eric Carlson Contributing Editor

Bill Steinman Contributing Editor

Aarti Maharaj Contributing Editor


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Monday
Jan202014

SFO secures 'blockbuster funding' for Rolls Royce probe

The UK Serious Fraud Office has been granted special funding from the Treasury for a bribery investigation of jet engine-maker Rolls-Royce in China and Indonesia, the Financial Times reported Sunday.

The SFO and Treasury haven't commented on the story.

The Treasury agreed to so-called blockbuster funding "in the low millions" of pounds for the SFO investigation, according to the report.

The SFO said on December 23 that it was "accelerating" a criminal investigation into allegations of bribery and corruption at Rolls Royce.

Rolls Royce said in late 2012 the SFO had asked it to investigate allegations of misconduct involving intermediaries in Indonesia and China.

The head of the company's aerospace division resigned in May 2013. He had been promoted to his job four months earlier.

Reports appeared in China two years ago that Rolls-Royce bribed executives of Air China and China Eastern Airlines to win sales in 2005 and 2010.

In December last year, the Guardian reported alleged payments to Tommy Suharto. His father was president of Indonesia for 30 years until 1998. A lawyer for Tommy Suharto denied the allegations.

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Richard L. Cassin is the publisher and editor of the FCPA Blog. He can be contacted here.