Page last updated at 20:29 GMT, Friday, 5 February 2010

Serious Fraud Office: BAE fine 'a warning' to companies

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BAE Systems has reached agreement with the UK Serious Fraud Office to plead guilty to breach of duty to keep accounting records.

In relation to the UK offence, it will pay a penalty of about £30m, some of which will be a fine, some a charity payment. The UK's largest defence group will also pay a fine more than $400m (£250m) in the US after pleading guilty to a charge of conspiring to make false statements.

Richard Alderman, director of the SFO, said the fines were a "warning sign to corporates to wake up.... and get their houses in order".

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