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Rolls-Royce has announced that it is in talks with the Serious Fraud Office (SFO) over possible bribery and corruption.

“It is too early to predict the outcomes, but these could include the prosecution of individuals and of the company,” Rolls-Royce said.

The British aircraft engine manufacturer said it had passed on information about alleged malpractice by intermediaries.

It followed a request from the SFO for information about alleged malpractice in Indonesia and China.

Rolls-Royce said it was cooperating fully with the investigation.

“I want to make it crystal clear that neither I nor the board will tolerate improper business conduct of any sort and will take all necessary action to ensure compliance,” said chief executive John Rishton.

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

Rolls-Royce has announced that it is in talks with the Serious Fraud Office over possible bribery and corruption

Rolls-Royce has announced that it is in talks with the Serious Fraud Office over possible bribery and corruption

The company said that it had recently instituted a new ethics code of conduct, and would be hiring an independent consultant to carry out a review of its current procedures.

Rolls-Royce is a major international player in civil aerospace and defence, and employs over 40,000 people in 50 countries.

It is the world’s second largest manufacturer of aircraft engines after General Electric.

China and Indonesia were ranked 80 and 118 respectively out of 174 countries in the corruption perceptions index published by Transparency International on Wednesday, ranking from the least down to the most corrupt.

Shares in the company fell 5% at the start of trading in London on Thursday.

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Bob Diamond, Barclays Bank chief executive, has resigned with immediate effect.

The move follows the resignation of chairman Marcus Agius and comes less than a week after Barclays Bank was fined a record amount for trying to manipulate inter-bank lending rates.

Bob Diamond said he was stepping down because the external pressure on Barclays risked “damaging the franchise”.

British PM David Cameron has described the rigging of Libor rates as “a scandal”.

“I am deeply disappointed that the impression created by the events announced last week about what Barclays and its people stand for could not be further from the truth,” Bob Diamond said in a statement.

Bob Diamond, Barclays Bank chief executive, has resigned with immediate effect

Bob Diamond, Barclays Bank chief executive, has resigned with immediate effect

He will still appear before MPs on the Treasury Committee to answer questions about the Libor affair on Wednesday.

“I look forward to fulfilling my obligation to contribute to the Treasury Committee’s enquiries related to the settlements that Barclays announced last week without my leadership in question,” Bob Diamond said.

Last week, regulators in the US and UK fined Barclays £290 million ($450 million) for attempting to rig Libor and Euribor, the interest rates at which banks lend to each other, which underpin trillions of pounds worth of financial transactions.

Staff did this over a number of years, trying to raise them for profit and then, during the financial crisis, lowering them to hide the level to which Barclays was under financial stress.

The Serious Fraud Office is also considering whether to bring criminal charges.

 

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