Balfour Beatty's US Subsidiary to Pay $65.4 Million in Resolution With Justice Department
23 Décembre 2021 - 9:02AM
Dow Jones News
By Sabela Ojea
Balfour Beatty PLC said Thursday that its subsidiary Balfour
Beatty Communities has reached a resolution with the U.S.
Department of Justice on charges of improperly claiming performance
incentive fees between 2013 and 2019.
The infrastructure group said its U.S. subsidiary will pay a
total resolution amount of $65.4 million, which comprises around
$33.6 million in penalties and $31.8 million in restitution in
relation to maintenance work at certain U.S. military housing
installations.
The London-listed company's U.S. subsidiary has pleaded guilty
to one count of fraud and has agreed to the appointment of an
independent compliance monitor for a three-year period, it said,
noting that it cooperated fully with the Department of Justice in
its investigation.
The resolution ends the investigation, the company said.
"In 2019, the company undertook an in-depth review of operations
at Communities and, as a result, a series of changes have been made
to prevent this type of misconduct from occurring in the future,"
Balfour Beatty said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
December 23, 2021 02:47 ET (07:47 GMT)
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