FTSE 100-listed aerospace and defence giant Rolls-Royce has announced that Lord Gold will lead a review of its compliance procedures.
The announcement follows a previous statement issued by Rolls-Royce in December disclosing that it had provided information to the Serious Fraud Office relating to concerns about bribery and corruption involving intermediaries in overseas markets.
On December 6th, the group reported that it had passed information to the SFO following a request for information about allegations of malpractice in Indonesia and China. Rolls-Royce stated that it had identified "matters of concern" in these and in other overseas markets.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
At that time, John Rishton, Chief Executive of rolls-Royce, stated: "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".
Rolls-Royce's share price was down 0.22% to 894p at 08:56 on Thursday morning.
MF
-
Are you one of 15 million people at risk of retirement poverty?Two-fifths of people in the UK aren’t on track for a minimum lifestyle in retirement, new data shows. Are there steps you can take to boost your pension?
-
150 banking hubs now open across UK – is there one near you?As the 150th banking hub opens its doors, a Post Office deal that offers basic banking services has also been extended until 2030. We explain what this means for you
