Britain has opened a formal investigation into suspicions of corruption at British American Tobacco and its subsidiaries, nearly two years after allegations of bribery in Africa first surfaced. The world's largest international tobacco company said in a statement it intended to cooperate with the investigation but did not provide further details. "The SFO confirms it is investigating suspicions of corruption in the conduct of business by BAT, its subsidiaries and associated persons," Britain's Serious Fraud Office said in a statement on Tuesday. The London-based company last week unseated Marlboro maker Philip Morris International as the world's largest international tobacco firm, following its $49 billion takeover of Reynolds American. The world's biggest tobacco company is state-owned China National Tobacco Corporation.

Source: The Star August 01, 2017 12:22 UTC