The Serious Fraud Office (SFO) has launched a criminal investigation into alleged money laundering, bribery and corruption linked to business conducted by Chemring and one of its subsidiaries. The Serious Fraud Office (SFO) has launched a criminal investigation into alleged money laundering, bribery and corruption linked to business conducted by Chemring and one of its subsidiaries. Investigation opened into Chemring Group PLC and its subsidiary, Chemring Technology Solutions Limited (CTSL) following self-report https://t.co/4PjiQpMuNr — Serious Fraud Office (@UKSFO) January 18, 2018 However, Chemring said that neither of the two incidents “are considered to be material in the context of the group”. In its own release, the SFO said: “The SFO has opened a criminal investigation into bribery, corruption and money laundering arising from the conduct of business by Chemring Group plc and its subsidiary, CTSL, including any officers, employees, agents and persons associated with them. “A provision of £1.1 million … exists to cover estimated legal costs for the group with regards to this issue,” Chemring said.

Source: Irish Independent January 18, 2018 10:50 UTC