Title: Lockheed Martin: Corporate Rap Sheet | Corporate Research Project
Headings: Lockheed Martin: Corporate Rap Sheet
Lockheed Martin: Corporate Rap Sheet
Lockheed Martin

Content: In 2009 the Pentagon said that Lockheed would have to pay part of the huge cost overruns on the delay-ridden F-35 fighter jet project. In December 2010 Lockheed agreed to pay $10.28 million to resolve federal charges that it overbilled the Air Force and the Navy for the C-27J tactical aircraft. In January 2011 Lockheed agreed to pay $2 million to settle allegations brought in a whistleblower case that it and SAIC conspired to obtain non-public information in connection with a contract competition for work at the Naval Oceanographic Office Major Shared Resource Center in Mississippi. In March 2012 Lockheed agreed to pay $15.85 million to settle allegations that it overcharged the Pentagon for tools used on military aircraft programs. Bribery and Questionable Payments
During the mid-1970s, prior to its merger with Martin Marietta, Lockheed Corp. was embroiled in a high-profile controversy over payoffs the company had made to foreign officials, including the Japanese prime minister, Prince Bernhard of the Netherlands and a cabinet official in Italy. The scandal started as an offshoot of the Watergate case but became a central part of the investigation of international corporate bribery led by Senator Frank Church. In 1977 a report prepared by outside directors at the company found that, from 1970 to 1975 alone, Lockheed executives had made up to $38 million in questionable payments. The payoff issue would come to haunt the company again in later years. In 1995 Lockheed agreed to plead guilty to one count of violating the Foreign Corrupt Practices Act in connection with payments made by a company consultant to a member of the Egyptian parliament. It paid a fine of $28.4 million.