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11 January 2013 | Adam Leach
Engineering business Rolls-Royce has appointed one of the UK’s top lawyers to lead an investigation into its bribery and corruption controls.
Lord David Gold, a Conservative peer and former senior partner at global law firm Herbert Smith will conduct an in-depth review of the company’s compliance procedures covering the use of intermediaries, it was announced yesterday.
The appointment was one measure promised by the company when it disclosed in December it had passed on information to the Serious Fraud Office (SFO) relating to potential corrupt activities by third parties in Asia. The SFO has so far refused to confirm it is conducting an investigation into Rolls-Royce.
Once Lord Gold has completed his review, he will report his findings to the Rolls-Royce ethics committee of the board. The company would not confirm when the review was expected to be completed.
In a statement announcing the move to pass on the information, Rolls-Royce CEO John Rishton, said: "I want to make it crystal clear that neither I nor the board will tolerate improper business conduct of any sort and will take all necessary action to ensure compliance. This is a company with exceptional prospects and I will not accept any behaviour that undermines its future success".