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Airbus is sued over 'questionable' sales tactics, export financing hits snag
EUROPE's big planemaker Airbus is being sued by former consultants over alleged questionable practices related to aircraft sales, reports Bloomberg.
Credit agencies, including UK Export Finance and state institutions in France, Germany and Spain, suspended backstop financing.
Airbus admitted in its annual report that the legal trouble may impact future financial statements, while adding it was too early to tell likely liability or its extent.
Airbus earlier declared that it discovered "misstatements and omissions" in some applications for export credit financing related to the use of third-party consultants.
Britain's Serious Fraud Office and France's Parquet National Financier probed allegations of fraud, bribery and corruption.
The company said it had dropped the questionable middlemen. In the report, Airbus said it has "engaged legal, investigative and forensic accounting expertise" to review consultant relationships and is "conducting enhanced due diligence" related to these contracts.
Airbus didn't say which consultants have sued the company, how many cases have been filed or the exact nature of the claims. A spokesman declined to comment.
Credit agencies, including UK Export Finance and state institutions in France, Germany and Spain, suspended backstop financing.
Airbus admitted in its annual report that the legal trouble may impact future financial statements, while adding it was too early to tell likely liability or its extent.
Airbus earlier declared that it discovered "misstatements and omissions" in some applications for export credit financing related to the use of third-party consultants.
Britain's Serious Fraud Office and France's Parquet National Financier probed allegations of fraud, bribery and corruption.
The company said it had dropped the questionable middlemen. In the report, Airbus said it has "engaged legal, investigative and forensic accounting expertise" to review consultant relationships and is "conducting enhanced due diligence" related to these contracts.
Airbus didn't say which consultants have sued the company, how many cases have been filed or the exact nature of the claims. A spokesman declined to comment.
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