The U.K. Serious Fraud Office confirmed today that it has opened an investigation into Chemring Group and its subsidiary, Chemring Technology Solutions Limited (CTSL) following a self-report made by CTSL.
Chemring Group is a global business providing a range of advanced technology products and services to the aerospace, defence, and security markets. In a statement, the SFO confirmed that it has “opened a criminal investigation into bribery, corruption, and money laundering arising from the conduct of business by Chemring Group and CTSL, including any officers, employees, agents and persons associated with them.”
SFO added that it can make no further comment as the investigation is ongoing.
The SFO investigation followed a voluntary report made by CTSL relating to “two specific historic contracts, the first of which was awarded prior to the Group’s ownership of the business concerned and the second in 2011, neither of which are considered material in the context of the Group,” Chemring said in a statement. “It is too early to predict the outcome of the SFO’s investigation. Chemring continues to cooperate fully with the SFO.”
Because the investigation is ongoing, Chemring said “it is not possible to comment further at this stage. However, the Group will provide a further update as, and when, appropriate.”