ANOTHER BS Article started with Rajat Pandit and now his Idiot!
Rajat Quote :
"Embraer is alleged to have paid commissions to a UK-based defence agent -such middlemen or unauthorised agents are banned under the Indian defence procurement system -in the $208 million deal for three EMB-145 jets inked by the UPA government in 2008. The three EMB-145 aircraft have been equipped with indigenous radars in a Rs 2,520 crore DRDO project to serve as AEW&C (airborne early-warning and control systems) air craft for IAF.
Brazil's top newspaper, the 'Folha de Sao Paulo', reported on Thursday that the possible bribery in the 2008 Indian deal was under the scanner of the US justice department, which has been investigating Embraer since 2010, after a contract with the Dominican Republic raised suspicion."
Here is the Article from "Folha de Sao Paulo"
Where does it Mentions UK Based Defence agent?
Embraer Contracts with India and Saudi Arabia Are Targets of Investigation in the United States
09/08/2016 - 13h51
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WÁLTER NUNES
FROM SÃO PAULO
Investigations that have been opened by the government of the United States to establish whether Embraer paid bribes in order to obtain contracts abroad have affected deals that the Brazilian company closed with Saudi Arabia and India.
The company has been under investigation by the United States Justice Department since 2010 when a contract with the Dominican Republic raised the Americans' suspicions. Since then, the investigation has widened to examine business dealings with eight more countries.
Embraer is cooperating with the investigations and announced in July that it was expecting to reach a deal soon with American authorities. The company has put US$ 200 million (R$ 642 million) aside to pay any eventual fines that come about as a result of the process.
The company has not released details regarding the state of the investigations, but three people who have been following the case have confirmed to
Folha that the deals concluded in Saudi Arabia and India are being examined.
In both cases, suspicions were underlined in May of this year when an employee with more than 30 years at the company reached a plea-bargain agreement in investigations being conducted by the Federal Public Prosecutor's Office here in Brazil.
Albert Phillip Close, Manager of Embraer's defense area, told Prosecutor Marcello Miller that he had heard a former sales director who worked in Europe admit to American investigators the payment of commissions to facilitate the sale of aircraft to the Saudis.
In November of 2010, the company announced the delivery of two Embraer 170 executive jets to the Saudi Arabian state-owned oil company Aramco. The amount of the deal was not announced at the time.
In the case of India, the plea bargainer said that Embraer had contracted a representative to assist in the sale of a surveillance system to the government.
In 2008, Embraer sold three EMB 145 AEW&C (Airborne Early Warning and Control) aircraft to the Indian government. The value of the deal was not announced at the time.
http://www1.folha.uol.com.br/intern...s-of-investigation-in-the-united-states.shtml
Original Investigation Started in 2011
Embraer Under Investigation by the U.S.
By
Contributing Reporter on November 8, 2011
By Sarah de Sainte Croix, Senior Contributing Reporter
RIO DE JANEIRO, BRAZIL – The Brazilian aircraft manufacturer Embraer is under investigation by the United States Securities and Exchange Commission (SEC) on suspicion of violating the U.S. Foreign Corrupt Practices Act (
FCPA). Embraer, the fourth largest producer of aircraft in the world, announced it was undertaking an internal investigation into its operations in three countries in response to the subpoena issued by the SEC.
Embraer's CEO, Frederico Curado, announced that it was under investigation by the SEC, photo by Bel Pedrosa for The World Economic Forum/Flickr Creative Commons License.
The Foreign Corrupt Practices Act prohibits companies whose securities are listed in the U.S. from making payments to foreign officials “for the purposes of obtaining or retaining business for or with, or directing business to, any person.” It also requires that companies keep accurate records of all their transactions.
If found guilty of a criminal charge the company could face fines of up to, and possibly exceeding, US$2 million. Moreover, individual employees or directors within the company could be fined up to US$100,000 each and imprisoned for a maximum of five years.
The sanctions also dictate that firms found to be in violation of the FCPA could be banned from doing business with the U.S. Federal Government.
This could inhibit Embraer’s reported bid to win a nearly US$1.5 billion deal to supply 100 light attack aircraft to the U.S. military. Frederico Curado, Embraer’s CEO, announced on Friday that he was “confident that it won’t prevent us participating in any bidding process.”
Embraer put forward their Super Tucano jets, which carry a price tag of between US$10-15 million. They are currently among the four finalists in the bidding, and if they win, the deal would not only represent their biggest single-sale of Super Tucanos ever, but also a way into the lucrative U.S. defense market.
An Embraer Super Tucano, photo by Kfir2010/Wikimedia Creative Commons License.
Despite an initial five percent drop in share prices on the
Bovespa on Thursday following the news of the SEC investigation, the stock bounced back again on Friday to close up 4.4 percent at R$11.58 in São Paulo and up 3.45 percent at US$26.95 in New York.
One Brazilian commentator said, “Given that Embraer recorded a third-quarter loss on Wednesday, the cumulative effects of the SEC investigation could be complicated for the company if they are found to be guilty.”
The loss is reportedly due to the recent
decline in the strength of the real and a series of delayed deliveries and cancelled orders for executive jets. Curado implied that the company might miss its revenue targets for this year by up to US$200 million, and executive jet deliveries could be down by about twenty due to the cancellations.
Embraer is among the world’s four biggest aircraft manufacturers after Airbus and Boeing, and in direct competition with the Canadian company Bombardier for the production of smaller commuter jets for short-haul regional flights.
Originally a Brazilian government entity, since its privatization in 1994 the company has become one of Brazil’s major manufacturing success stories with orders for aircraft totaling US$16 billion in the third quarter of this year and net profits of R$154 million in the second quarter.
- See more at:
http://riotimesonline.com/brazil-ne...nvestigation-by-the-u-s/#sthash.TOFVjLzi.dpuf
Bottom Line is Reporting any it related to a defence scam in another COUNTRY that remotely link to india has become fashionable!
