Rolls-Royce let off the hook with heavy penalty of $800 million
The Dollar Business Bureau The British engine maker Rolls-Royce has secured a Deferred Prosecution Agreement (DPA) with the authorities in Britain, US and Brazil. To avoid further criminal prosecution and settle the enormous corruption scandal, investigation into which has been on for five years now, Rolls-Royce has agreed to pay a penalty of a little over $800 million. Seven countries; a Serious Fraud Office (SFO) investigation costing $16 million; charges of corruption and bribery spanning three decades; disciplinary proceedings against 38 employees and 30 million documents scanned! The Rolls-Royce scandal sure has all the markings of a truly international headline grabbing mega event. The niche-serving luxury brand was charged with corruption, bribery and false accounting practices with regard to its dealings in as many as seven countries, namely, Thailand, Indonesia, Malaysia, China, Russia, Nigeria and ...
Mahindra to acquire Italian car designer company
The Dollar Business Bureau Indian automobile major Mahindra & Mahindra along with the group’s IT solution arm Tech Mahindra has entered into an agreement to acquire Italian car designer company Pininfarina. The acquisition process will be carried out through a joint venture company in which Tech Mahindra will have 60% share and M&M will hold 40%. “As per the agreement, Tech Mahindra and M&M shall purchase 76.06% of Pininfarina shares from the current controlling shareholder Pincars S.R.L. at a price of Euro 1.1 per share,” the Mahindra Group said in a statement on Tuesday. The Italian firm has crafted models for popular car makers like Ferrari, Maserati, and Rolls Royce, besides designing high-speed trains, buses, trams, rolling stocks, and automated ...
Bharat Forge, Rolls-Royce sign agreement for supply of aero engine parts
The Dollar Business Bureau Pune-based auto components maker Bharat Forge Ltd. (BFL) on Thursday announced that it has signed an agreement with Rolls-Royce Plc to supply components for a range of aero engines. “The agreement envisages supply of critical and high integrity forged and machined components for a range of aero engines, including the flagship Trent engine,” Bharat Forge said in a statement. The two companies consider this agreement to be a significant milestone that would cement their strong and long-term relationship. “It is our strategic intent to play a significant role in global aerospace supply chain with forged & machined products and assemblies in future. This supply-chain partnership with Rolls-Royce is a momentous step towards achieving our stated goal of ...
