Tue, Jan 08, 2013 - Page 15 News List

Rolls-Royce accused of bribing exec

The Guardian, LONDON

As well as bringing opportunities for aircraft makers such as Airbus SAS and Boeing Co, new jet sales also boost orders for engines.

The front-runners for those orders are the likes of Rolls-Royce and its US rivals, General Electric Co and Pratt & Whitney.

Speaking last month, Rolls-Royce’s chief executive, John Rishton, said the company would not tolerate “improper business conduct of any sort.”

“This is a company with exceptional prospects and I will not accept any behavior that undermines its future success, “ he said.

The company also announced that it will appoint an “independent senior figure” to review its compliance process and report to the board’s ethics committee.

Rolls-Royce is one of Britain’s blue-chip exporters and thus a key manufacturer in British Chancellor of the Exchequer George Osborne’s “march of the makers,” posting revenues of £11.3 billion (US$18.36 billion) last year and a pre-tax profit of £1.2 billion, with its strong future prospects underlined by an order book worth £862.2 billion.

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