Thales Underfire: Anglo-French Investigation Unveils Suspected Corruption in Asia

Thales, a French defense and technology firm, denies allegations of corruption following a joint investigation by British and French authorities. The probe focuses on a contract in Asia involving suspected bribery, affecting shares. Thales asserts compliance with laws and cooperates with inquiries.

Thales, Europe's leading defense technology firm, is facing scrutiny amid allegations of bribery and corruption tied to an Asian contract. Britain's Serious Fraud Office and France's financial prosecutors have launched a joint investigation, focusing on four entities in France and the UK, without disclosing specific details.

In its statement, Thales denied any wrongdoing and reaffirmed its firm stance against corruption. Despite shares initially dropping by 7%, they recuperated to close 2.9% down. Thales confirmed its cooperation with authorities, emphasizing adherence to international law while details of the specific contract remain elusive.

Insider sources and Indonesia's Defense Ministry have suggested the deal in question involves Indonesian contracts, upholding regulations of transparency and governance. This high-profile investigation parallels previous probes into European corporations such as Airbus, reflecting ongoing collaborative efforts in Europe's fight against corporate malfeasance.

(With inputs from agencies.)