Aerospace & Defence Company RTX Corporation to Pay $959 Million in Settlement to Resolve United States Federal Charges for Defrauding United States Department of Defence to Overpay for Defence Systems & Bribery in Qatar Obtain Contracts, Penalty of $124 Million to United States SEC for Bribery & Violating Foreign Corrupt Practices Act to Obtain Contracts with Qatar Military
19th October 2024 | Hong Kong
Aerospace & defence company RTX Corporation has agreed to pay $959 million in settlement to resolve United States federal charges for defrauding the United States Department of Defence to overpay for defence systems & bribery in Qatar obtain contracts. The United States Securities and Exchange Commission (SEC) has fined aerospace & defence company RTX Corporation $124 million for bribery & violating the Foreign Corrupt Practices Act to obtain contracts with Qatar military, paying $30 million in bribes to a Qatar agent and $2 million to Qatar military & officials from early 2000s to 2017. RTX was previously known as Raytheon Technologies, and was formed with the merger of Raytheon Company & United Technologies Corp in 2020 with renaming in 2023. United States SEC (16/10/24): “The Securities and Exchange Commission today announced that RTX Corporation, a Virginia-based aerospace and defense company, agreed to pay more than $124 million to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA) in connection with payments made to assist in obtaining contracts with the Qatari military. RTX, which was named Raytheon Technologies Corp. until 2023, was formed after the 2020 merger of Raytheon Company and United Technologies Corp. (collectively, Raytheon). According to the SEC’s order, Raytheon used sham subcontracts with a supplier to pay bribes of nearly $2 million to Qatari military and other officials from 2011 to 2017 to obtain Qatari military defense contracts. Additionally, the order finds that from the early 2000s into 2020, Raytheon paid more than $30 million to a Qatari agent who was a relative of the Qatari Emir and who, despite being retained as Raytheon’s representative in Qatar, had no prior background in military defense contracting. Raytheon obtained additional defense contracts through the agent under circumstances with significant corruption risks. The order finds that Raytheon continued working with the agent even after numerous Raytheon employees raised concerns about risks of corruption and despite a lack of adequate documentation of the agent’s services. he SEC’s order finds that Raytheon violated the antibribery, internal accounting controls, and books and records provisions of the FCPA. Raytheon consented to the entry of the SEC’s order requiring it to cease and desist from committing or causing any future violations and to pay disgorgement and prejudgment interest of approximately $49 million and a civil penalty of $75 million, $22.5 million of which will be offset by a criminal fine in a parallel criminal action. As part of the resolution, Raytheon must retain an independent compliance monitor for three years.”
“ Aerospace & Defence Company RTX Corporation to Pay $959 Million in Settlement to Resolve United States Federal Charges for Defrauding United States Department of Defence to Overpay for Defence Systems & Bribery in Qatar Obtain Contracts, Penalty of $124 Million to United States SEC for Bribery & Violating Foreign Corrupt Practices Act to Obtain Contracts with Qatar Military “
United States SEC Fines Aerospace & Defence Company RTX Corporation $124 Million for Bribery & Violating Foreign Corrupt Practices Act to Obtain Contracts with Qatar Military, Paid $30 Million to Qatar Agent and $2 Million to Qatar Military & Officials from Early 2000s to 2017, RTX was Previously Known as Raytheon Technologies and was Formed with Merger of Raytheon Company & United Technologies Corp in 2020 with Renaming in 2023
18th October 2024 – The United States Securities and Exchange Commission (SEC) has fined aerospace & defence company RTX Corporation $124 million for bribery & violating the Foreign Corrupt Practices Act to obtain contracts with Qatar military, paying $30 million in bribes to a Qatar agent and $2 million to Qatar military & officials from early 2000s to 2017. RTX was previously known as Raytheon Technologies, and was formed with the merger of Raytheon Company & United Technologies Corp in 2020 with renaming in 2023. United States SEC (16/10/24): “The Securities and Exchange Commission today announced that RTX Corporation, a Virginia-based aerospace and defense company, agreed to pay more than $124 million to resolve charges that it violated the Foreign Corrupt Practices Act (FCPA) in connection with payments made to assist in obtaining contracts with the Qatari military. RTX, which was named Raytheon Technologies Corp. until 2023, was formed after the 2020 merger of Raytheon Company and United Technologies Corp. (collectively, Raytheon). According to the SEC’s order, Raytheon used sham subcontracts with a supplier to pay bribes of nearly $2 million to Qatari military and other officials from 2011 to 2017 to obtain Qatari military defense contracts. Additionally, the order finds that from the early 2000s into 2020, Raytheon paid more than $30 million to a Qatari agent who was a relative of the Qatari Emir and who, despite being retained as Raytheon’s representative in Qatar, had no prior background in military defense contracting. Raytheon obtained additional defense contracts through the agent under circumstances with significant corruption risks. The order finds that Raytheon continued working with the agent even after numerous Raytheon employees raised concerns about risks of corruption and despite a lack of adequate documentation of the agent’s services. he SEC’s order finds that Raytheon violated the antibribery, internal accounting controls, and books and records provisions of the FCPA. Raytheon consented to the entry of the SEC’s order requiring it to cease and desist from committing or causing any future violations and to pay disgorgement and prejudgment interest of approximately $49 million and a civil penalty of $75 million, $22.5 million of which will be offset by a criminal fine in a parallel criminal action. As part of the resolution, Raytheon must retain an independent compliance monitor for three years.”
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