UK's Serious Fraud Office Strikes 10 Million Pound Agreement

The Serious Fraud Office reached a deferred prosecution agreement with Ultra Electronics for failing to prevent bribery. The British defense contractor, owned by Cobham and Advent, will pay 10 million pounds concerning historical misconduct. The agreement pertains to public sector contracts in Algeria and Oman.

The UK's Serious Fraud Office (SFO) has brokered a deferred prosecution deal with Ultra Electronics, a British defense contractor, over failure to prevent bribery. The agreement, announced Friday, mandates Ultra to pay 10 million pounds ($13.6 million).

Ultra Electronics, acquired by Cobham—a firm owned by the U.S. private equity house Advent—came forward to the SFO and accepted accountability. The arrangement pertains to past activities before Ultra's current management and ownership, according to a company statement.

The SFO noted that the settlement involves three public sector contracts pursued by Ultra using agents in Algeria and Oman, including a lucrative contract by Oman's Ministry of Transport and Communications. Ultra will also cover the SFO's investigation expenses of 4.8 million pounds and submit yearly reports over three years on its anti-bribery measures.