N1786b From United States of America, joined Sep 2005, 561 posts, RR: 16 Posted (8 years 1 week 1 day 14 hours ago) and read 2660 times:
The French DST has accused EADS of having a slush fun to help win large export contracts.
Capital.fr is running a story saying the Gallois has been summoned to the Elysee to explain the report by the DST saying that EADS has a slush fund for kickbacks on large contracts. It says the report contains information about kickbacks for "several contracts" and cites the Emirates A380 contract in Nov 2001 where "on this occasion a curious transfer of over $50 million went through an account in Tunis. (My translation of the Original French below)
"A cette occasion, plus de 50 millions de dollars auraient mystérieusement transité par un compte bancaire domicilié à Tunis."
Even more interesting, is the fact that Jean-Paul Gut will have to manage this scandal before he leaves to take a job at the Qatar investment fund wanting to buy 10% of EADS.
Quote: PARIS, March 21 (Reuters) - France denied a magazine report on Wednesday that the head of Airbus parent EADS (EAD.PA: Quote, Profile , Research) had been ordered to explain an intelligence report uncovering a suspected system for paying kickbacks on aircraft sales.
Capital magazine reported on its Web site that President Jacques Chirac's diplomatic adviser had called in EADS co-chief executive Louis Gallois to discuss what it described as a report by domestic intelligence service DST alleging kickbacks over high-profile deals including the sale of A380 superjumbos.
"The president's office categorically denies that it has summoned Louis Gallois to talk about a note from the DST," Chirac's official spokesman Jerome Bonnafont said.
He declined to comment on whether such a note existed or on the rest of the report, which said the DST suspected a "slush fund" had been used to issue payments on export deals for years, including the sale of 43 superjumbos to Emirates Airlines [EMAIR.UL].
"When all is said and done, more will be said than done".
GRIVely From United States of America, joined Dec 2006, 142 posts, RR: 0
Reply 5, posted (8 years 1 week 1 day 9 hours ago) and read 2329 times:
Quoting TYCOON (Reply 3): Everybody provides some form of kickbacks whether they are European, US, Canadian or Brazilian manufacturers. To think otherwise is shockingly naive! Rule of the Game: JUST DON'T GET CAUGHT!
There is a US law called the Foreign Corrupt Practices Act (FCPA) that specifies extremely serious sanctions for violations. As an officer of my company and member of the board I am PERSONALLY, as well as criminally, liable for any violations of the law caused by me, other officers, or our employees. I assure you that I pay extremely close attention to all matters regarding potentially improper payments. The US Justice Department regularly indicts and convicts US business persons for engaging in bribery, kickbacks or other violations of the act.
Tycoon, if you truly have any hard evidence of US companies engaging in bribery please contact a federal prosecutor as there are monetary rewards available for information leading to a conviction. Since the size of the reward is dependent upon the value of the sale, not the bribe/kickback itself, you could make out quite handsomely if your allegations are based in fact and provable. Unfortunately, saying "everybody does it" is probably not a sufficient level of proof.
TYCOON From United States of America, joined Feb 2007, 444 posts, RR: 4
Reply 6, posted (8 years 1 week 1 day 4 hours ago) and read 2191 times:
Trust me, EVERYBODY does. That laws exist in various countries preventing such practices is nothing new. The U.S. is certainly not any holier than other countries in this regard. France, the UK, Canada, Germany all have similar very stringent and draconian laws preventing bribery, kickbacks, etc... from taking place. It's well documented: look it up yourself in your local libraries. I spent a good amount of time in grad school on aviation policy (both airline and civil aircraft manufacturing) at MIT. Wrote my thesis on aviation policy and touched on this subject in my research.
It still remains highly illegal, don't get me wrong. But it does happen. End of story.
BoomBoom From , joined Dec 1969, posts, RR:
Reply 7, posted (8 years 1 week 1 day 4 hours ago) and read 2170 times:
Quoting TYCOON (Reply 6): I spent a good amount of time in grad school on aviation policy (both airline and civil aircraft manufacturing) at MIT. Wrote my thesis on aviation policy and touched on this subject in my research.
Well then, you should be able to provide some sources and links.
Atmx2000 From United States of America, joined Oct 2004, 4576 posts, RR: 37
Reply 8, posted (8 years 1 week 1 day 2 hours ago) and read 2107 times:
Quoting TYCOON (Reply 6): France, the UK, Canada, Germany all have similar very stringent and draconian laws preventing bribery, kickbacks, etc... from taking place
No, most have only had laws against domestic bribery and kickbacks. They might have passed laws recently against their own citizens committing bribery in foreign countries though in response to international initiatives to make such things punishable.
ConcordeBoy is a twin supremacist!! He supports quadicide!!