Defence firm Ultra Electronics is being investigated by the Serious Fraud Office (SFO) for suspected corruption in Algeria.
The company, which has an annual revenue of £775M, reported itself to the SFO and is cooperating with the probe.
Algeria is a very small market for Ultra. Its sales there last year amounted to just £400,000.
The SFO said: “No further information can be provided at this time as the investigation is live.’’
While the full details are yet to emerge, it is clear that Ultra feels there is evidence of wrongdoing and that the most appropriate course of action is to report what it knows.
This could lead to more lenient treatment. It may even help prevent the company being prosecuted: Rolls-Royce’s cooperation with the SFO helped it avoid prosecution for longstanding corruption that appears to have been on a much larger scale than that which has been discovered by Ultra.
Being seen to be putting right the wrongs and placing the emphasis on compliance can go a long way to minimising the damage caused by corruption. But only if such efforts are viewed as genuine by the authorities.
Read our article: COMPLIANCE AFTER THE EVENT IN BRIBERY AND CORRUPTION CASES