This video is called Aljazeera on Britain’s dropping of BAE Systems fraud inquiry.
BAE results reflect profit from US wars
By Danny Fortson
Published: 10 August 2007
BAE Systems unveiled a set of forecast-beating results yesterday as it continues to enjoy the fruits of its headlong push into America’s defence market.
Buoyed by the military campaigns in Iraq and Afghanistan, the company reported £501m of profit for the period, nearly double the £293m it earned over the same time last year. Total sales grew 8 per cent to £6.9bn and the dividend was increased by 13 per cent.
Just 10 days removed from the completion of its $4.1bn (£2bn) takeover of the US-based armoured vehicle marker Armour Holdings, Mike Turner, the chief executive, said the company was on the lookout for further deals. …
The company is now the largest foreign contractor for the Pentagon, which accounts for roughly half of the world’s arms spending.
Mr Turner said that the US Department of Justice’s investigation of its Al-Yamamah jet contract with Saudi Arabia had not affected its performance. …
The UK’s Serious Fraud Office dropped its own investigation in the deal in December.