UK launches fraud probe into defence firm Chemring

Britain's Serious Fraud Office on Thursday said it had launched a criminal probe into the activities of defence company Chemring and one of its subsidiaries.

The probe concerns both the parent group and its British-based Chemring Technology Solutions Limited (CTSL) division, an agency statement said.

"The SFO confirms it has opened a criminal investigation into bribery, corruption and money laundering arising from the conduct of business by Chemring Group plc and CTSL including any officers, employees, agents and persons associated with them," it said.

In the group's annual results on Thursday, Chemring had raised concerns about two "specific historical contracts" -- notably concerning intermediaries who had represented its CTSL subsidiary and its predecessor companies.

In a separate statement issued on Thursday, the defence group said it was fully cooperating with the SFO probe.

The first contract was awarded prior to the group's ownership of the business now known as CTSL, while the second took place in 2011.

However, Chemring said that neither of the two incidents "are considered to be material in the context of the group".

"The group will provide a further update as and when appropriate," it added.

Norway wealth fund bans 9 groups, including BAE Systems
Oslo (AFP) Jan 16, 2018
Norway's $1 trillion sovereign wealth fund, the world's largest, has excluded nine groups, including the UK's military equipment maker BAE Systems, from its portfolio based on ethical grounds, the Norwegian central bank said on Tuesday. The British defence group, along with the US firms Aecom, Fluor and Huntington Ingalls Industries have been banned for producing components to build nuclear ... read more

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