UK launches fraud probe into defence firm Chemring

[ahlam1399]

LONDON: Britain´s Serious Fraud Office on Thursday said it had launched a criminal probe into the activities of defence company Chemring and one of its subsidiaries. The probe concerns both the parent group and its British-based Chemring Technology Solutions Limited (CTSL) division, an agency statement said. ?The SFO confirms it has opened a criminal investigation into bribery, corruption and money laundering arising from the conduct of business by Chemring Group plc and CTSL including any officers, employees, agents and persons associated with them,? it said. In the group´s annual results on Thursday, Chemring had raised concerns about two ?specific historical contracts? ? notably concerning intermediaries who had represented its CTSL subsidiary and its predecessor companies.

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