Rolls-Royce Reports To The SFO
Posted: 6 December 2012 | Source: Rolls-Royce
Rolls-Royce, the global power systems company, has passed information to the Serious Fraud Office (SFO) relating to concerns about bribery and corruption involving intermediaries in overseas markets.
This follows a request for information from the SFO about allegations of malpractice in Indonesia and China. Investigations by Rolls-Royce have identified matters of concern in these, and in other overseas markets.
The consequence of these disclosures will be decided by the regulatory authorities. It is too early to predict the outcomes, but these could include the prosecution of individuals and of the company. We will cooperate fully.
Rolls-Royce has significantly strengthened its compliance procedures in recent years, including a new Global Ethics Code and a new Intermediaries Policy. It has also expanded the Compliance function. As a further measure, Rolls-Royce will appoint an independent senior figure who will lead a review of current procedures and report to the Ethics Committee of the Board.
John Rishton, Rolls-Royce Chief Executive, said:
"I want to make it crystal clear that neither I nor the Board will tolerate improper business conduct of any sort and will take all necessary action to ensure compliance. This is a company with exceptional prospects and I will not accept any behaviour that undermines its future success".