Rolls-Royce will declare one of the largest losses in UK corporate history as a result of a corruption scandal and the Brexit vote. The loss could be over £4bn, its size exacerbated by the fall in the pound and repercussions from a £861m fine the company will pay to settle corruption allegations. The aerospace company will make the payment over five years to authorities in the US, UK and Brazil for allegedly bribing middlemen between 1989 and 2013 to win global contracts. The corruption scandal has not stopped a solid recent performance from Rolls-Royce, whose profits in 2016 reached £687m and are expected to be £671m this year.
Rolls-Royce will declare one of the largest losses in UK corporate history as a result of a corruption scandal and the Brexit vote. The loss could be over £4bn, its size exacerbated by the fall in the pound and repercussions from a £671m fine the company will pay to settle corruption allegations. The aerospace company will make the payment over five years to authorities in the US, UK and Brazil for allegedly bribing middlemen between 1989 and 2013 to win global contracts. The corruption scandal has not stopped a solid recent performance from Rolls-Royce, whose profits in 2016 reached £687m and are expected to be £861m this year.