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Thursday, July 5, 2012

US defense biz fined for busting China arms embargo

Please note the reason the company did what they did, was they believed it would help them get a $2 Billion dollar civilian contract in China for helicopters. This issue only came up after an investor questioned the legality of the deal.

The fine amount is $75 Million, but of that $20 Million will be suspended. There were no prosecutions of company officials.I am sure there was a lot of negotiation and plea bargaining. It seems every possible issue was included as part of the settlement.

US defense biz fined for busting China arms embargo - The Register

United Technologies sold China software for attack copter - USA Today

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