British manufacturing giant Rolls-Royce is set to pay £671 million in penalties to escape accusations of bribery it resorted to overseas.
The company said Monday that it agreed to pay the fortune in order to avoid being prosecuted.
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 authorities.
The payment will be a five-year process, agreed under a deferred prosecution agreement (DPA), an arrangement by a company to stop investigations against it for a fine.
The settlement follows an investigation in 12 countries, where the country has “commercial agents,” tasked with clinching deals.
The settlement is “proof the UK is not willing to prosecute a large, politically connected company,” according to Susan Hawley, the policy director of…