The UK Serious Fraud Office said Thursday it has opened a criminal investigation into Chemring Group PLC and a subsidiary for bribery, corruption, and money laundering.
The SFO said the investigation follows a self report by Chemring’s subsidiary, Chemring Technology Solutions Limited (CTSL).
Chemring is a UK-based defense technology firm with about 3,000 employees. Revenues last year were £548 million ($759 million). The company is listed on the London Stock Exchange.
Chemring said in a statement Thursday the investigation relates to two specific contracts, “the first of which was awarded prior to the Group’s ownership of the business concerned and the second in 2011.”
Neither contract is “considered material in the context of the Group,” Chemring said.
Thursday’s release from the Serious Fraud Office 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.
Chemring said it is cooperating fully with the SFO.
Richard L. Cassin is the publisher and editor of the FCPA Blog.