UK to probe Airbus for using agents

PARIS: Airbus Group faces potentially lengthy disruption to its business after Britain launched a criminal investigation into suspected irregularities in the use

PARIS: Airbus Group faces potentially lengthy disruption to its business after Britain launched a criminal investigation into suspected irregularities in the use of third-party agents to bag sales.

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Airbus said late on Sunday it had been notified that the UK’s Serious Fraud Office (SFO) had opened a formal probe after being alerted by export credit agency UK Export Finance, to discrepancies relating to the disclosure about actions of local agents.

The agency has for years locked horns with aerospace firms about the need for more transparency.

Airbus said the SFO was looking into possible “fraud, bribery and corruption” and that the company was cooperating with the probe, having itself tipped off UKEF about internal findings under a recent compliance drive.

“It will take years,” a person familiar with the matter said of the SFO investigation.

Airbus virtually eliminated the gap with US rival Boeing in July after booking about half of the 197 firm sales unveiled at the Farnborough Airshow.