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UK fraud office closes four year probe into Chemring

todayJuly 1, 2022 15

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UK fraud office closes four-year probe into Chemring

A four-year probe into alleged bribery, corruption and money laundering at grenade and ammunition manufacturer Chemring and one of its subsidiaries by the UK fraud office has been closed without prosecution.

The Serious Fraud Office (SFO) opened its investigation into the activities of Chemring, its subsidiary Chemring Technology Solutions and associated persons in 2018 after the division handed its own report to the SFO.

The firm – which is headquartered in Romsey, Hampshire – said it co-operated fully with the SFO throughout the investigation and is “pleased” the matter is now closed.

“Chemring remains committed to conducting its business in an ethical and responsible manner at all times, and in full compliance with all applicable laws and regulations,” it said.

The company designs and makes products such as decoys, flares, detonators and grenades.

Chemring also develops systems to protect aircraft and ships against missiles, as well as sensor equipment to detect improvised explosive devices.

The group employs around 2,300 people worldwide and has production facilities across the UK, US, Australia and Norway.

Its recent half-year results showed pre-tax profits lifted to £28.9 million in the six months to April 30 from £24.3 million a year earlier as revenues rose 11% to £220.4 million.

Published: by Radio NewsHub

Written by: admin

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