UK to investigate ‘Airbus fraud allegation’

The United Kingdom is set to probe the fraud and corruption allegations raised against the France-based aircraft manufacturer giant, Airbus.It is reported that the Serious Fraud Office (UK) has constituted a special investigative team to probe the alleged financial fraud.Reports say that the aircraft manufacturer conglomerate committed bribery, fraud and even corruption in its aviation business.It is identified that a third party financial consultant is also involved in the alleged financial fraud. In order to get a clear picture on the foreign transactions, the UK government ordered that the investigative agency should also investigate about the involvement of foreign financial agents or consultants.

Around three months before, the country blocked the applications, submitted by the Airbus authorities, seeking export credits.As per BBC report, the SFO was asked to verify all documents, submitted by the company, regarding its export credits.The export credits are used by the capitalist countries to support its export business effectively.The French-aircraft manufacturer has manufacturing units in all the three top western countries- Germany, France, and the UK.Immediately after the UK’s order, France and Germany also blocked export credits offered to the company.These three western economies were the largest export-credit supporters of the company. On last year, the conglomerate used export credits for nearly six per cent of its deliveries.Anyway, the new order has undoubtedly put the French company in a serious trouble. However, it reportedly offered complete cooperation to the investigative authorities.



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