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Eurofighter Delay May Win Better Conditions For The SaudisWhile the Government’s intervention last week to abort a related investigation into fraud allegations has saved the contract, tying up all the loose ends will still take months. That will almost certainly delay staged revenue payments to BAE Systems, analysts say, and could enable Saudi Arabia to squeeze better terms from the British arms company. When the UK and Saudi governments signed the memorandum of understanding to sell 72 Typhoons in September it was agreed that contract negotiations should take three months. However, these negotiations ground to a halt because of the Serious Fraud Office’s investigation into an earlier deal in which Britain sold Tornado jets to the Saudis. BAE is alleged to have set up a slush fund to pay bribes to Saudi officials to win the £40 billion al-Yamamah contract during the 1980s. The SFO’s investigation is understood to have deeply embarrassed members of the Saudi royal family. Downing Street last week closed the SFO investigation, claiming it was not in the interest of national security. The investigation had soured relations between the two countries and the Saudis had threatened to ditch the deal. Defence industry sources said negotiations towards completing the Typhoon contract were likely to restart soon but would probably take until next summer to complete. The contract, which was to be called al-Yamamah II until blocked by the Saudis because of connotations with the alleged bribery scandal, will safeguard work at BAE’s Wharton factory in Lancashire until 2014. BAE’s shares jumped 6.5 per cent on Friday. Pressure to stop the SFO is understood to have been put on the Government by parties linked to BAE, including its unions and defence industry associations. BAE itself claims it was not involved. The biggest push to drop the case is thought to have come from the Saudis. Talks between the two governments preceded the decision to stop the investigation. Defence analysts praised the Government’s stance. One said: “For the first time in a long time we are standing up for national interests. This is good news for BAE and good news for the Saudis.” Tag CloudExternal InformationAdditional InformationNike Shifts Assignments to Crispin Porter in Miami...Executive Pursuits: In the Corner With the Gladiators: Trying Out the Life of th... Metal giants, Rusal and Norilsk Nickel, go to war... Toys for Toddlers From PG-13 Movie... Where Am I?News Main Page - Business - Eurofighter Delay May Win Better Conditions For The Saudis |
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