The UK’s credit agency, UK Export Finance (UKEF), has launched a review into Rolls-Royce to determine whether the engineering company fraudulently obtained millions of pounds from the government. The inquiry follows the company's admission last month that it had used bribes to obtain export orders worldwide for decades. Civil servants are carrying out an internal inquiry to establish whether the engineering giant Rolls-Royce fraudulently obtained financial support worth hundreds of millions of pounds from the government. Rolls-Royce, which is owned by British billionaire Richard Branson, said in June that its payments were made on “commercially reasonable terms” and that it was cooperating with authorities. Rolls-Royce is one of the largest customers of UKEF, which offers loans and guarantees outstanding debts in order to support British exporters. UKEF can enforce repayment of money and will investigate whether the company complied with its anti-bribery regulations.
The UK’s credit agency, UK Export Finance (UKEF), has launched a review into Rolls-Royce to determine whether the engineering company fraudulently obtained millions of pounds from the government. The inquiry follows the company's admission last month that it had used bribes to obtain export orders worldwide for decades. Rolls-Royce, which is owned by British billionaire Richard Branson, said in June that its payments were made on “commercially reasonable terms” and that it was cooperating with authorities. Rolls-Royce is one of the largest customers of UKEF, which offers loans and guarantees outstanding debts in order to support British exporters. UKEF can enforce repayment of money and will investigate whether the company complied with its anti-bribery regulations.