The UK’s Serious Fraud Office has widened its criminal investigation into suspected corruption by defense and security firm Ultra Electronic Holdings Plc.
(Bloomberg) — The UK’s Serious Fraud Office has widened its criminal investigation into suspected corruption by defense and security firm Ultra Electronic Holdings Plc.
Britain’s fraud cops first opened its probe into the maker of torpedo systems and aerospace controls in 2018 that focused on allegations in its Algerian business. It’s the first update on the investigation since then.
The SFO said it had expanded the case to allegations against Ultra’s business in Oman by its subsidiaries, employees and associated people, according to an update on its website.
UK defense firm Cobham Ltd., backed by Advent International Plc, announced it was buying Ultra in 2021 and the deal was cleared last year after a lengthy national security review. Ultra makes highly-sensitive defense equipment for Britain’s nuclear submarines
“Ultra has been cooperating fully with the UK SFO on incidents of historical conduct of business in Algeria and Oman, prior to its acquisition by Cobham,” a spokesperson said.
“During recent years, Ultra has put in place significantly enhanced management, culture, systems, controls, and strengthened its compliance team, and has a zero-tolerance approach to bribery and corruption.”
A SFO spokesperson declined to comment.
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