Thales shares drop as Serious Fraud Office launches bribery probe

Investing.com -- Shares of Thales (EPA:TCFP ), the multinational aviation and defense electronics giant, took a hit after Britain’s Serious Fraud Office said it has launched a formal investigation into allegations of bribery and corruption involving the company. 

At 5:05 am (10:05 GMT), Thales was trading 6.6% lower at €142.40.

The probe, announced jointly by the SFO and France’s Parquet National Financier, centers on suspected misconduct within Thales’ operations. 

While the exact nature of the allegations remains undisclosed, investigators from both agencies have formally notified Thales of their inquiry, which spans both the UK and French jurisdictions. 

The investigation comes as a development for the Paris-headquartered group, which operates extensively across Europe and beyond. In the UK, Thales employs more than 7,000 people across 16 sites, making it a major player in the country’s defense and technology sectors. 

Thales, a global leader in aviation systems, defense technology, and cybersecurity, has previously been implicated in corruption-related controversies. 

The SFO and PNF have not provided a timeline for the investigation but indicated that it is in its early stages.

Source: Investing.com