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Accounting Failure Costs BAE Systems Over Tanzanian Radar Deal

December 21 2010

United Kingdom

A British judge has fined BAE Systems US$776,000 for failing to keep proper accounts during a competition for a Tanzanian military radar contract, reports BBC News.

The company failed to keep appropriate payment records of US$12 million to a Tanzanian businessman ahead of winning the US$43 million radar deal, said the court.

BAE Systems had already made a settlement with the British Serious Fraud Office.

Accordingly, BAE will deduct the fine from the US$47 million it had...

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