Money briefs: UK fraud office opens probe into Airbus

UK fraud office opens probe into Airbus

LONDON • Britain's Serious Fraud Office has opened a criminal investigation into allegations of fraud, bribery and corruption relating to some of Airbus' third-party consultants.

The planemaker said in a statement on Sunday that it is cooperating with investigators probing its civil aviation business. Airbus had flagged to UK regulators and the European Export Credit Agencies earlier this year "misstatements and omissions" involving the outside contractors in some export financing applications, which it found through an internal probe.

Airbus shares fell to their lowest since July 11 and traded down 1.2 per cent to €50.39 (S$75.30) at 9.51am in Paris yesterday.


China's Midea secures 95% of Germany's Kuka

FRANKFURT • Chinese appliance giant Midea said yesterday it had secured almost 95 per cent of German robotics firm Kuka, in the face of European fears over losing control over the high-tech company.

The company already held 13.51 per cent of Kuka - a world-leading manufacturer of industrial robots - before its June offer of €115 (S$172) per share, which valued the firm at €4.6 billion.

Midea said in its statement yesterday that 81.04 per cent of shares were tendered by the end of an extended acceptance period at midnight last Wednes- day, bringing its total to 94.55 per cent. The offer remains subject to regulatory approval.


A version of this article appeared in the print edition of The Straits Times on August 09, 2016, with the headline 'Money Briefs'. Print Edition | Subscribe