This post was originally published on this sitehttps://i-invdn-com.investing.com/trkd-images/LYNXMPEIBM0NM_L.jpg
The Paris-based aerospace supplier will be required to turn over profits from “corruptly obtained” and retained contracts by its U.S.-based subsidiary, Monogram Systems, the DoJ said.
Monogram and Safran’s German unit, Evac GmbH, allegedly paid bribes to obtain “lucrative” train lavatory contracts with the Chinese government.
Safran did not immediately respond to Reuters request for a comment.
The company, which co-produces engines for Boeing (NYSE:BA) 737 with General Electric (NYSE:GE) through their CFM venture, will continue to fully cooperate with the government’s ongoing investigation, the DoJ said.
Safran has also taken redressal measures, including firing an employee allegedly involved in the misconduct and withholding the deferred compensation of another, according to the Wall Street Journal that first reported the news.