We have previously reported on the coordinated global settlement between the Serious Fraud Office and US Department of Justice, and BAE Systems (please click here http://www.anticorruptionlaw.com/blog.aspx?entry=2596). This was a settlement of the long-running investigations of bribery allegations against BAE in several countries. In the UK, the company agreed to plead guilty to "failing to keep reasonably accurate accounting records in relation to its activities in Tanzania" for which it was fined £30 million.
Chandrashekhar Krishnan, Executive Director of TI UK has described the "Tanzania case" as a "landmark case" in terms of the massive fines imposed but has also expressed disappointment at the fact that the company itself has not been forced to admitted bribery, no individuals have actually been punished and the settlement reached appears to prevent future re-opening of this and other cases involving BAE. For many this result simply underlines the fact that new legislation in this area in the form of the UK Bribery Act (due to come into force in April 2011) cannot come soon enough.