UK launches corruption probe into Chemring
A criminal probe has been launched into the activities of defence company Chemring and one of its subsidiaries, the UK Serious Fraud Office (SFO) announced on 18 January.
The probe concerns both the parent group and its British-based Chemring Technology Solutions Limited (CTSL) division.
The UK SFO 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 and CTSL including any officers, employees, agents and persons associated with them.’
In the group's annual results on 18 January, Chemring had raised concerns about two ‘specific historical contracts’ – notably concerning intermediaries who had represented its CTSL subsidiary and its predecessor companies.
The defence group said it was fully cooperating with the SFO probe.
The first contract was awarded prior to the group's ownership of the business now known as CTSL, while the second took place in 2011.
However, Chemring said that neither of the two incidents ‘are considered to be material in the context of the group’.
More from Defence Notes
-
US lawmakers warn that “more military spending is absolutely necessary” to ensure Pentagon’s readiness
The US Congress has raised concerns about how inflation rates and cuts in main acquisition programmes could affect the US military.
-
Can the US overcome Russian and Chinese nuclear capabilities?
Washington’s ageing inventory and the pace Moscow and Beijing have been modernising their capabilities put in check the US Nuclear deterrence.
-
US FY2024 funding package passes as China closes military capability gap
The Pentagon has been operating under temporary funding since October 2023, which has impacted its main acquisition and development programmes, increasing the capability gap between the US and China.
-
NATO outlines future challenges as Ukrainian funding from US stalls
In 2023, defence spending increased by an unprecedented 11% across European NATO countries and Canada. Since 2014, the group has spent an additional US$600 billion on defence.
-
US Pentagon to reduce investments in main acquisition programmes over FY2025
The DoD requested nearly US$850 billion to fund operations over the next fiscal year. Despite the amount being 1% higher than the FY2024 budget request, it has not covered the 3% inflation rate, which could impact the DoD’s main programmes in the medium and long term.