Word: bae
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...June 7, a British Broadcasting Corporation report claimed that Bandar had received secret payments totaling more than $2 billion over a ten-year period from British Aerospace Systems (BAE), Europe's largest arms maker - and also a company that earned roughly close to half of its 2006 revenue in supplying the U.S. These payments were made over a period in which the British company negotiated massive contracts to supply Saudi Arabia. Both BAE and Bandar have categorically denied the allegation of any wrongdoing, claiming they acted properly and lawfully at all times. Bandar has admitted that the money came into...
Another big uncertainty concerns future ownership. Airbus' private owners are fleeing: Britain's BAE sold its 20% stake earlier this year to EADS, and both of EADS's big holders, Germany's DaimlerChrysler and France's Lagardère, are trying to reduce their stakes...
...there are purely private jobs in the region: drive among the dense thickets of office buildings in Tyson's Corner and along the Dulles Toll Road, and you see some impressive corporate HQs--Capital One, Freddie Mac, Gannett, Sprint Nextel. But you also come across mysterious acronyms like BAE, CSC, MITRE and SAIC. These are big-time government contractors, and when Fuller looks closely at job growth in the area, it is mainly these that he sees...
...closed session, according to several people familiar with the proceedings, the British officials sketched out details of the case: the Serious Fraud Office (sfo) had uncovered various strands of alleged corruption at BAE Systems, a U.K. defense contractor, including one that allegedly involved a member of the Saudi royal family. (The company denies any wrongdoing.) But, the officials continued, the fraud office's director in London had decided to discontinue the investigation after several meetings with the British ambassador in Saudi Arabia . The reason given: national security...
This movement against graft faces its biggest test in the BAE Systems case. Anticorruption advocates are livid. "There are great concerns around the world about this decision to stop the investigation. It's just what we tell everyone not to do," says Huguette Labelle, chancellor of the University of Ottawa , who chairs the board of Transparency International, an anticorruption pressure group. She points to a glaring discrepancy in the behavior of the government of British Prime Minister Tony Blair, who spearheaded the eiti and has made good governance a cornerstone of his African aid policy. "It's difficult to understand...