United States SEC Fines Aerospace Company AAR Corp $30 Million to Resolve 2 Bribery Schemes from 2015 to 2018 to Win $210 Million Contract to Sell 2 Airbus A330 Aircrafts to Nepal Airlines & Aviation Services to South African Airways Subsidiary
23rd December 2024 | Hong Kong
The United States Securities and Exchange Commission (SEC) has fined aerospace company AAR Corp ($2.1 billion market value) $30 million to resolve 2 bribery schemes from 2015 to 2018 to win $210 million contract to sell 2 Airbus A330 aircraft to Nepal Airlines, and aviation services to South African Airways subsidiary. United States SEC (19/12/24): “The Securities and Exchange Commission today announced that Illinois-based AAR CORP., a global provider of aviation services and products, agreed to resolve Foreign Corrupt Practices Act (FCPA) charges in connection with two bribery schemes. AAR agreed to pay approximately $30 million to settle the SEC’s charges. Deepak Sharma, a former executive of a wholly owned AAR subsidiary, also settled SEC charges related to the same bribery schemes. According to the SEC’s order, from 2015 through 2018, Deepak Sharma, who at the time was President of International Supply Chain of an AAR subsidiary, orchestrated and implemented a bribery scheme to win a contract for the sale of two Airbus A330 aircraft, valued at approximately $210 million, to Nepal Airlines, a government-owned airline. The SEC’s order finds that, as part of the scheme, AAR retained a third-party agent to pay bribes to officials who had control over the contract. According to the order, Sharma was also involved in a bribery scheme involving a contract for AAR to provide aviation services to a subsidiary of government-owned South African Airways. The SEC’s order finds that AAR paid millions of dollars in bribes to Nepalese and South African officials as part of the two schemes. AAR consented to the SEC’s order finding that it violated the anti-bribery, recordkeeping, and internal accounting controls provisions of the FCPA, and ordering it to pay $29,236,624 in disgorgement and in prejudgment interest. In a parallel action, the U.S. Department of Justice announced today that it has entered into a non-prosecution agreement with AAR in which AAR agreed to pay a $26,363,029 criminal penalty. Sharma consented to an SEC order finding that he violated the anti-bribery, recordkeeping, and internal accounting controls provisions of the FCPA and ordering him to pay $184,597 in disgorgement and prejudgment interest, $130,835 of which is deemed satisfied by a forfeiture order in a prior agreement with the U.S. Department of Justice.”
“ United States SEC Fines Aerospace Company AAR Corp $30 Million to Resolve 2 Bribery Schemes from 2015 to 2018 to Win $210 Million Contract to Sell 2 Airbus A330 Aircrafts to Nepal Airlines & Aviation Services to South African Airways Subsidiary “
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United States SEC Fines Aerospace Company AAR Corp $30 Million to Resolve 2 Bribery Schemes from 2015 to 2018 to Win $210 Million Contract to Sell 2 Airbus A330 Aircrafts to Nepal Airlines & Aviation Services to South African Airways Subsidiary
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