Ultra Electronics Strikes £10 Million Deal with Serious Fraud Office Over Bribery Case

Ultra Electronics has entered into a deferred prosecution agreement with the UK's Serious Fraud Office, agreeing to pay £10 million for failing to prevent bribery. The case involves contracts in Algeria and Oman. Ultra will also cover investigation costs and submit compliance reports for three years.

The UK's Serious Fraud Office has concluded a significant agreement with Ultra Electronics, a British defense contractor, over bribery prevention failures. The company will pay £10 million as part of the deal.

Acquired by Cobham in 2022, Ultra did not comment on the deal, which sees the end of a criminal probe related to Algeria and Oman contracts pursued by Ultra using agents.

One notable contract involved was worth up to £200 million from Oman, while the remaining two in Algeria were unsuccessful. Ultra will also pay £4.8 million for the investigation and adhere to compliance reporting for three years.