Airbus plunges into the red after being forced to pay £3bn to settle bribery claims in three countries
Airbus plunged into the red last year following a thumping bribery settlement in three countries.
The commercial aircraft maker racked up losses of £1.1billion in 2019 after it set aside £3billion to cover a criminal settlement with authorities in the US, France and Britain over past corrupt practices.
The penalty followed a lengthy investigation by the UK’s Serious Fraud Office and other agencies overseas into Airbus’s use of middlemen to secure plane orders.
Noesdive: Airbus racked up losses of £1.1bn in 2019 after it set aside £3bn to cover a criminal settlement with authorities in the US, France and Britain over past corrupt practices
Despite the legal issues, Airbus reported an 11 per cent rise in revenues to £59.1billion as the company ramped up production of its A320 twinjet.
France-based Airbus – which makes wings for its planes in Broughton, Flintshire – delivered a record 863 commercial aircraft last year, up from 800 the year before, as it heaped pressure on crisis-torn rival Boeing.
Boeing has been hit by the grounding of its 737 Max jet after two crashes that killed 346 people, while Airbus suffered a £1billion hit from troubles with its A400M military transport programme.