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Business

Airbus faces UK corruption probe

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Business

Airbus faces UK corruption probe

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COMING UP:Airbus faces UK corruption probe

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00:00:00
>> Airbus is facing allegations on fraud, bribery, and corruption in the UK. The country's Serious Fraud Office confirming Monday that it's opened an investigation in July. It says it's connected to the company's civil aircraft business.>> In Westminster, I'm Reuters reporter Julien Satterthwaite. This move coming after UK government agency stopped issuing export credits to Airbus.
00:00:23
UK Export Finance is based in the treasury building behind me. It effectively insures exporters against the risk that customers overseas don't pay for their goods.>> The agency said there were discrepancies in financial declarations made by the firm regarding the use of third parties. Equivalent agencies in France and Germany have also suspended export credits.
00:00:44
That's potentially bad news for the plane maker which relies on the credits to support deliveries to airlines with limited access to commercial funds. Airbus says it is cooperating fully with the SFO.