EADS Launches In-House Investigation On Bribery Scandal

EADS has enlisted accountancy firm PricewaterhouseCoopers to help conduct a parallel investigation alongside UK’s Serious Fraud Office's (SFO) to look into bribery allegations. PwC will look into the accounts and audits at EADS’ subsidiary GPT Special Projects after the SFO launched a criminal investigation into allegations concerning its business transactions in Saudi Arabia. A crucial part of the work being undertaken by PwC will be in examining financial records prepared by the company and then audited by Coopers & Lybrand until 1998, followed by Deloitte and more recently KPMG. Both EADS and PwC declined to comment. Lt Col Ian Foxley, a former British Army officer, who was employed by GPT on the £2bn, 10-year communications project in Saudi Arabia, turned 'whistleblower' and made the allegations. The SFO is understood to be looking into allegations GPT paid bribes running to millions of pounds into a Cayman Islands bank account, as well as fleets of new cars to secure and retain a Saudi military communications project.