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CAPITAL GOODS: Thales (HOFP A2/A-/NR): Bribery Probe

CAPITAL GOODS
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Small negative for now.

  • SFO (UK) and PNF (France) have opened an investigation in Thales due to suspected bribery and corruption.
  • Bloomberg reported a weapons contract in Asia is being looked at. BMFTV reported in June that office raids at the time concerned two investigations, one of which was a contract in Brazil.
  • The record fine stands at Airbus’ €3.6bn in 2020 following a global bribery investigation; 36% of 2019 EBITDA. There is nothing to suggest anything of this scale for Thales at this point.
  • Reputational damage is another potential factor. Thales stated, “the group complies with all national and international regulations.”
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Small negative for now.

  • SFO (UK) and PNF (France) have opened an investigation in Thales due to suspected bribery and corruption.
  • Bloomberg reported a weapons contract in Asia is being looked at. BMFTV reported in June that office raids at the time concerned two investigations, one of which was a contract in Brazil.
  • The record fine stands at Airbus’ €3.6bn in 2020 following a global bribery investigation; 36% of 2019 EBITDA. There is nothing to suggest anything of this scale for Thales at this point.
  • Reputational damage is another potential factor. Thales stated, “the group complies with all national and international regulations.”