British engine-maker Rolls-Royce says it has suffered the biggest loss in its history due to bribery scandals and and the impact of the UK’s withdrawal from the European Union (EU) on the country’s currency.
On Tuesday, Rolls reported a massive £4.6 billion statutory pre-tax loss for 2016, one of the largest amounts in Britain’s history as well.
The loss included a £4.4 billion write-down on the value of financial hedges that Rolls uses to protect itself against currency fluctuations and a £700m charge for the penalties the company has agreed to pay to settle bribery and corruption charges with the UK Serious Fraud Office, the US Department of Justice, and Brazilian authorities.
The multinational company, which sells turbines and engines for passenger jets and military aircraft, will pay £497 million to the UK Serious Fraud Office (SFO) after a high court approval, $169m (£140m) to the US Department of Justice and $25m to the Brazilian…