Rolls-Royce appointment on compliance procedures
Rolls-Royce has appointed Lord Gold to review its compliance procedures, a move that could force an overhaul of the aero engine manufacturer, which recently admitted concerns over bribery allegations in China, Indonesia and other markets.
Lord Gold, former senior partner at law firm Herbert Smith, monitors compliance at BAE Systems, having been appointed as part of the company’s settlement with the US department of justice, in which BAE admitted it had lied to US authorities about paying foreign middlemen.
His appointment comes after the Serious Fraud Office, the UK’s lead prosecutor of bribery, prompted Rolls-Royce to investigate bribery allegations.
In December, Rolls-Royce completed that investigation and, in handing it to the SFO, made public that it had found reasons for concern in China, Indonesia and other markets.
In Indonesia, it investigated allegations made on news websites by a former employee. Rolls-Royce said some of his allegations had merit, while others did not. – The Financial Times Limited 2013