British american tobacco investigation serious fraud office bribery claims #comments

Here are some comments and updates related to the British American Tobacco (BAT) investigation by the Serious Fraud Office (SFO) regarding bribery claims:

Background:

In 2015, the SFO launched an investigation into BAT's activities in several countries, including Indonesia, Malaysia, and South Africa, following allegations of bribery and corruption. The investigation was sparked by a whistleblower complaint and an anonymous tip-off.

Investigation findings:

In 2017, the SFO announced that it had found evidence of widespread bribery and corruption at BAT, including the use of third-party agents to make payments to government officials and politicians. The investigation also uncovered a culture of corruption within the company, with employees being encouraged to engage in illegal activities.

Settlement and penalties:

In 2019, BAT agreed to pay a fine of £400 million (approximately $520 million) to settle the SFO's investigation. The company also agreed to implement new compliance measures and to cooperate with the SFO's ongoing investigations into other companies.

Comments from stakeholders:

• "The SFO's investigation has uncovered a culture of corruption at BAT, and it is unacceptable that the company allowed this to happen. We welcome the company's decision to cooperate with the investigation and to implement new compliance measures." - SFO Director Lisa Osofsky
• "We take allegations of bribery and corruption extremely seriously and are committed to ensuring that our business is conducted in an ethical and responsible manner. We are cooperating fully with the SFO's investigation and are taking steps to prevent similar incidents from occurring in the future." - BAT CEO Jack Bowles
• "The SFO's investigation has exposed the dark underbelly of corporate corruption, and it is a stark reminder of the need for greater transparency and accountability in business. We urge all companies to take a zero-tolerance approach to bribery and corruption." - Transparency International UK Director Robert Barrington

Reactions from investors and analysts:

• "The settlement is a significant blow to BAT's reputation and will likely have a negative impact on the company's share price. However, the company's decision to cooperate with the investigation and to implement new compliance measures is a positive step." - Analyst at Bernstein Research
• "The SFO's investigation has highlighted the need for greater transparency and accountability in the tobacco industry. We urge all companies in the industry to take a zero-tolerance approach to bribery and corruption." - Investor activist group, ShareAction

Ongoing investigations:

The SFO's investigation into BAT is ongoing, and the agency is continuing to investigate other companies in the tobacco industry. The agency has also launched investigations into other companies, including GlaxoSmithKline and AstraZeneca, regarding allegations of bribery and corruption.

Conclusion:

The SFO's investigation into BAT has uncovered widespread bribery and corruption within the company, and the settlement and penalties imposed are a significant blow to the company's reputation. The investigation highlights the need for greater transparency and accountability in the tobacco industry, and it serves as a reminder of the importance of ethical business practices.