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Revelation
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Airbus pulls anniversary book over fraud probe concerns: Reuters

Fri Jul 12, 2019 1:37 pm

Reuters ( https://www.reuters.com/article/us-fran ... SKCN1U71B7 ) reports:

Airbus has halted sales of a new book that the planemaker had commissioned for its 50th anniversary to avoid hampering the manufacturer’s attempts to win a settlement in a bribery probe, two people familiar with the matter said.
----
The two people said Airbus halted the book’s sales because it was concerned its official links to the publication could hamper talks with the authorities or discussions over other litigation as it seeks a fresh start under new management.

Now, that's odd.

It says the book had been circulated for reviews but plans to distribute it at the Paris Air Show were scrapped at the last minute.

If anyone has a copy (apparently Leeham does) they should hold on to it, it may become quite valuable if it never gets officially released.

TFA also says:

The move is the latest sign of tension in Airbus (AIR.PA) as it nears the climax of a roughly $400 million, four-year internal probe carried out in support of an Anglo-French investigation into the use of intermediaries to win jetliner and other deals.

Airbus has already fired more than 100 people over ethics and compliance issues as its probe has progressed.
----
Sources said Airbus hoped to present its findings to the UK Serious Fraud Office and France’s PNF police by the end of the year. By doing so, they said it would seek more leniency under a system of prosecution agreements that allows for heavy fines rather than charges that might bar it from public contracts.

It seems Airbus is being given the chance to clean house internally then plea for leniency in the hopes of avoiding the death sentence, being barred from public contracts.

If that's the way it works out, I'm fine with it. It seemed pretty harsh to lose access to defense sales just because some jetliner salesmen were slimy.
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musman9853
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Re: Airbus pulls anniversary book over fraud probe concerns: Reuters

Fri Jul 12, 2019 1:41 pm

no way in hell airbus gets banned from gov contracts. they'll get a slap on the wrist. executives never really go to jail.
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Re: Airbus pulls anniversary book over fraud probe concerns: Reuters

Fri Jul 12, 2019 2:12 pm

musman9853 wrote:
no way in hell airbus gets banned from gov contracts. they'll get a slap on the wrist. executives never really go to jail.

Right, but what could possibly be in a 50th anniversary book that is sensitive enough to make Airbus decide to pull it at the last minute?

Maybe Reuters should reach out to Leeham et al to find out?
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Re: Airbus pulls anniversary book over fraud probe concerns: Reuters

Fri Jul 12, 2019 2:23 pm

I feel sorry for the author. I had my eye on it and was planning on getting the kindle version as soon as it came out. My guess is that they will delete any potentially incriminating info then publish it. But if anyone wants a good definitive history of Airbus, this book is highly recommended. I found my copy at a used bookstore at a great price.

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Re: Airbus pulls anniversary book over fraud probe concerns: Reuters

Fri Jul 12, 2019 2:58 pm

It would be quite messy if authorities and Airbus came to some agreement - then this book gets released with a narrative that is different to what Airbus legal team has been claiming.

I don't know. It could be just some minor detail.
 
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Re: Airbus pulls anniversary book over fraud probe concerns: Reuters

Fri Jul 12, 2019 3:36 pm

JetBuddy wrote:
It would be quite messy if authorities and Airbus came to some agreement - then this book gets released with a narrative that is different to what Airbus legal team has been claiming.

I don't know. It could be just some minor detail.

It probably is some minor detail, but it's hard to get how it is related to an investigation on "the use of intermediaries to win jetliner and other deals".

If you are writing a 50th anniversary book, is that a topic you feel needs to be explored?

Or did you accidentally bring up some other topic that could be viewed as damaging to a deal to avoid a severe punishment?

TFA says that the book's author was given unusually deep access to Airbus's archives.

Maybe this is a case where the previous leadership thought openness was the best approach and the current leadership feels differently.

I hope they find a way to clean up the offending sections and release the book.

Maybe that's not possible because a few copies did circulate and they know that some one will do a side-by-side comparison.
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musman9853
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Re: Airbus pulls anniversary book over fraud probe concerns: Reuters

Fri Jul 12, 2019 3:42 pm

Revelation wrote:
musman9853 wrote:
no way in hell airbus gets banned from gov contracts. they'll get a slap on the wrist. executives never really go to jail.

Right, but what could possibly be in a 50th anniversary book that is sensitive enough to make Airbus decide to pull it at the last minute?

Maybe Reuters should reach out to Leeham et al to find out?


photos of executives with those they bribed? it has to do something with the csuite and the bribery scandal.
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seahawk
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Re: Airbus pulls anniversary book over fraud probe concerns: Reuters

Fri Jul 12, 2019 3:45 pm

Well at least the early years will always be dirty, as certain measures were needed to break into the market. Some stories from those times could link to people that were around much more longer.
 
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william
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Re: Airbus pulls anniversary book over fraud probe concerns: Reuters

Fri Jul 12, 2019 3:59 pm

musman9853 wrote:
Revelation wrote:
musman9853 wrote:
no way in hell airbus gets banned from gov contracts. they'll get a slap on the wrist. executives never really go to jail.

Right, but what could possibly be in a 50th anniversary book that is sensitive enough to make Airbus decide to pull it at the last minute?

Maybe Reuters should reach out to Leeham et al to find out?


photos of executives with those they bribed? it has to do something with the csuite and the bribery scandal.


Did not see the connection between a book celebrating well deserved accomplishments and the Scandal, but that's a good point.
 
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Re: Airbus pulls anniversary book over fraud probe concerns: Reuters

Fri Jul 12, 2019 4:09 pm

seahawk wrote:
Well at least the early years will always be dirty, as certain measures were needed to break into the market. Some stories from those times could link to people that were around much more longer.

Right, but if it was that direct a statement, you would think we'd find it in Leeham's review of the book.

It turns out that is online at https://leehamnews.com/2019/07/08/ponti ... -50-years/ and can be read without subscription.

Leeham's Scott Hamilton writes:

Airbus Group, dating to EADS times, set up an office in Paris to facilitate payments to consultants who supposedly helped win orders for military and commercial products. The problem: in some cases, documentation for work actually performed was lacking and in others, disclosure to export credit agencies of consultant involvement was omitted.

Airbus CFO Harald Wilhelm disclosed the problems to Enders and the company disclosed the problems to regulators.

Years later, the investigations remain open. Airbus fired many people, unfortunately sweeping some innocents with the guilty. Some executives hit retirement age and left; had some of these not, there is a belief these people would have been fired, too.

Enders and Wilhelm had to go, too, even though they disclosed the issues to regulators and took steps to clean house.

Clark recounts all this.

So apparently the author Nicola Clark wrote about the scandal and it was enough for the current administration to decide to squash the book.

The info above sounds like it was just what one would learn from reading the available sources, as opposed to some new "smoking gun" evidence.

Yet Reuters suggests that this alone is enough of an irritant for Airbus to yank the book.

Maybe Clark will be allowed to update the book after the case closes?

Oh well, as the Leeham review states, Airbus now acts as a "true commercial company".
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Re: Airbus pulls anniversary book over fraud probe concerns: Reuters

Fri Jul 12, 2019 10:18 pm

Revelation wrote:
seahawk wrote:
Well at least the early years will always be dirty, as certain measures were needed to break into the market. Some stories from those times could link to people that were around much more longer.

Right, but if it was that direct a statement, you would think we'd find it in Leeham's review of the book.

It turns out that is online at https://leehamnews.com/2019/07/08/ponti ... -50-years/ and can be read without subscription.

Leeham's Scott Hamilton writes:

Airbus Group, dating to EADS times, set up an office in Paris to facilitate payments to consultants who supposedly helped win orders for military and commercial products. The problem: in some cases, documentation for work actually performed was lacking and in others, disclosure to export credit agencies of consultant involvement was omitted.

Airbus CFO Harald Wilhelm disclosed the problems to Enders and the company disclosed the problems to regulators.

Years later, the investigations remain open. Airbus fired many people, unfortunately sweeping some innocents with the guilty. Some executives hit retirement age and left; had some of these not, there is a belief these people would have been fired, too.

Enders and Wilhelm had to go, too, even though they disclosed the issues to regulators and took steps to clean house.

Clark recounts all this.

So apparently the author Nicola Clark wrote about the scandal and it was enough for the current administration to decide to squash the book.

The info above sounds like it was just what one would learn from reading the available sources, as opposed to some new "smoking gun" evidence.

Yet Reuters suggests that this alone is enough of an irritant for Airbus to yank the book.

Maybe Clark will be allowed to update the book after the case closes?

Oh well, as the Leeham review states, Airbus now acts as a "true commercial company".


Considering that the book was available for purchase as an ebook before it was yanked, it's too late if there was anything incriminating in it. This just makes Airbus look worse.
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Re: Airbus pulls anniversary book over fraud probe concerns: Reuters

Fri Jul 12, 2019 11:22 pm

alberchico wrote:
Considering that the book was available for purchase as an ebook before it was yanked, it's too late if there was anything incriminating in it. This just makes Airbus look worse.

The Amazon link for the book is still up, but it's for a pre-order. Something tells me it probably wasn't ever activated, but I'm just guessing.

I think there probably isn't anything incriminating in the book, or Leeham would have reported it.

I think the issue is that there is a frank discussion of the ongoing legal investigation of Airbus in a book supported by Airbus, and that's a bad thing legally, enough to squash the book for now.

As above, before I read the Leeham review, I thought the book would have steered clear of any/all legal entanglements, but I was wrong.

It also has a run-down of the insider trading investigation that never resulted in charges back in the A380 days.
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TheFlyingDisk
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Re: Airbus pulls anniversary book over fraud probe concerns: Reuters

Sat Jul 13, 2019 12:01 am

I've read the book, bought it as a Kindle book from Amazon.

Looking at it now, there were mentions of "collective bribery in coincidence with aggravated breach of trust", which is related to the "Eurofighter Affair"
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Re: Airbus pulls anniversary book over fraud probe concerns: Reuters

Sat Jul 13, 2019 12:15 am

musman9853 wrote:
no way in hell airbus gets banned from gov contracts. they'll get a slap on the wrist. executives never really go to jail.


How about a nice, hefty fine? probably close or more than a billion. Now that'd hurt them.
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frmrCapCadet
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Re: Airbus pulls anniversary book over fraud probe concerns: Reuters

Sat Jul 13, 2019 12:50 am

Courts/investigators sometimes order no unauthorized information releases while trials are going on.
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Re: Airbus pulls anniversary book over fraud probe concerns: Reuters

Sat Jul 13, 2019 2:16 am

TheFlyingDisk wrote:
I've read the book, bought it as a Kindle book from Amazon.

Looking at it now, there were mentions of "collective bribery in coincidence with aggravated breach of trust", which is related to the "Eurofighter Affair"

Very interesting.

Better back that thing up to offline storage in case it disappears.

Seems like the threat of being barred from public contracts is no idle threat.

AtomicGarden wrote:
musman9853 wrote:
no way in hell airbus gets banned from gov contracts. they'll get a slap on the wrist. executives never really go to jail.

How about a nice, hefty fine? probably close or more than a billion. Now that'd hurt them.

TFA suggests that Airbus has already spent $400M on its internal investigation and fired 100 people, so it's already paying a price.

frmrCapCadet wrote:
Courts/investigators sometimes order no unauthorized information releases while trials are going on.

Right, and we all know the legal standard "anything you say may be used against you in a court of law".

They clearly are afraid that anything written in a book they sponsor may be used against them, so they're yanking it off the shelves as fast as possible.
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strfyr51
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Re: Airbus pulls anniversary book over fraud probe concerns: Reuters

Sat Jul 13, 2019 3:29 am

Airbus will be embarrassed for a while. Especially if Boeing get's the book and makes Hay with if.
 
LHA320
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Re: Airbus pulls anniversary book over fraud probe concerns: Reuters

Sat Jul 13, 2019 10:56 am

strfyr51 wrote:
Airbus will be embarrassed for a while. Especially if Boeing get's the book and makes Hay with if.


Oh yeah, because Boeing is in a good position right now, where they can judge about their biggest competitor? :roll:
As you have seen in the recent month, there is a "gentlemans agreement" between Boeing and Airbus, where nobody will embarrass the other in public. The industry is not acting like all the fanboys here, who are keen on public embarrassment of either Airbus or Boeing. And that's the good thing about it. Both companies have the same goals: Building aircraft that transport passengers safely from A to B. The world needs so many new aircraft in the next few years, which no company will be able to provide alone. Get along with it, I think we will see much more cooperation of Boeing with Airbus (or the other way around) in the future.
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Bricktop
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Re: Airbus pulls anniversary book over fraud probe concerns: Reuters

Sat Jul 13, 2019 11:08 am

Revelation wrote:
TFA suggests that Airbus has already spent $400M on its internal investigation and fired 100 people, so it's already paying a price.

That's a breathtaking amount when the Mueller investigation cost "only" $30 million. Is it possible there's a zero too many, at least?
 
Bricktop
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Re: Airbus pulls anniversary book over fraud probe concerns: Reuters

Sat Jul 13, 2019 11:13 am

LHA320 wrote:
strfyr51 wrote:
Airbus will be embarrassed for a while. Especially if Boeing get's the book and makes Hay with if.


Oh yeah, because Boeing is in a good position right now, where they can judge about their biggest competitor? :roll:
As you have seen in the recent month, there is a "gentlemans agreement" between Boeing and Airbus, where nobody will embarrass the other in public. The industry is not acting like all the fanboys here, who are keen on public embarrassment of either Airbus or Boeing. And that's the good thing about it. Both companies have the same goals: Building aircraft that transport passengers safely from A to B. The world needs so many new aircraft in the next few years, which no company will be able to provide alone. Get along with it, I think we will see much more cooperation of Boeing with Airbus (or the other way around) in the future.

A correct assessment, IMO. They are very large corporations who compete hard but don't get into the anonymous internet smarta$$ stuff of the fanboy. In the real world of selling to airlines and governments, that kind silliness is frowned upon and could backfire bigly.

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