U.K. confirms probe of ‘suspected bribery' at Bombardier; company reports US$192M Q3 profit

B00Mer

Wild Rose Country!
Sep 6, 2008
34,552
352
83
Canada

U.K. confirms probe of ‘suspected bribery' at Bombardier; company reports US$192M Q3 profit​


o-BOMBARDIER-facebook.jpg

Bombardier Inc. fell after the U.K’s Serious Fraud Office confirmed that it was investigating the company over “suspected bribery and corruption.”

The probe involves the company’s dealings with Garuda Indonesia, the SFO said in a statement Thursday. The airline ordered Bombardier CRJ regional jets, with the first delivery in 2012.

“As this is a live investigation, the SFO can provide no further comment,” the SFO said.

Indonesia’s anti-corruption agency last year detained Garuda’s former head as part of a probe into procurement of aircraft and engines.

The SFO inquiry adds a new complication for Chief Executive Officer Eric Martel’s attempt to remake Bombardier as a builder of private jets after the company sold its CRJ business to Mitsubishi Heavy Industries Ltd., unloaded a commercial-jet program to Airbus SE and agreed to merge its rail unit with Alstom SA.

Bombardier dropped 1.7 per cent to 29 Canadian cents at 11:44 a.m. in Toronto, erasing gains earlier in the session.

Before trading opened, the Montreal-based company reported a wider-than-expected loss for the third quarter and said it had begun an internal review by outside counsel into its transactions with Garuda.

 
  • Like
Reactions: Twin_Moose

bob the dog

Electoral Member
Aug 14, 2020
242
24
18

U.K. confirms probe of ‘suspected bribery' at Bombardier; company reports US$192M Q3 profit​


View attachment 2989

Bombardier Inc. fell after the U.K’s Serious Fraud Office confirmed that it was investigating the company over “suspected bribery and corruption.”

The probe involves the company’s dealings with Garuda Indonesia, the SFO said in a statement Thursday. The airline ordered Bombardier CRJ regional jets, with the first delivery in 2012.

“As this is a live investigation, the SFO can provide no further comment,” the SFO said.

Indonesia’s anti-corruption agency last year detained Garuda’s former head as part of a probe into procurement of aircraft and engines.

The SFO inquiry adds a new complication for Chief Executive Officer Eric Martel’s attempt to remake Bombardier as a builder of private jets after the company sold its CRJ business to Mitsubishi Heavy Industries Ltd., unloaded a commercial-jet program to Airbus SE and agreed to merge its rail unit with Alstom SA.

Bombardier dropped 1.7 per cent to 29 Canadian cents at 11:44 a.m. in Toronto, erasing gains earlier in the session.

Before trading opened, the Montreal-based company reported a wider-than-expected loss for the third quarter and said it had begun an internal review by outside counsel into its transactions with Garuda.

Old news from last month. Bombardier has said that they do not believe they are guilty of the bribery charges. Once again they stand on their own with no support from the government as they sell off divisions that will never come back to Canada. Currently sitting with a market cap of less than 10% of annual sales of $15B and industry leaders in their markets. Soon to be a private company imo.
 

B00Mer

Wild Rose Country!
Sep 6, 2008
34,552
352
83
Canada
Old news from last month. Bombardier has said that they do not believe they are guilty of the bribery charges. Once again they stand on their own with no support from the government as they sell off divisions that will never come back to Canada. Currently sitting with a market cap of less than 10% of annual sales of $15B and industry leaders in their markets. Soon to be a private company imo.

Last month?? Nov 5, 2020 :unsure: We in December already.. well then, Merry Christmas Bob the Dog