RTX Corp., formerly Raytheon, has agreed to pay over $950 million to settle allegations of government fraud and bribery to secure business with Qatar. The company entered into deferred prosecution agreements in federal courts in Brooklyn and Massachusetts, agreeing to hire independent monitors for compliance with anti-corruption laws. The settlement includes criminal penalties, civil fines, restitution, and the return of profits from inflated defense contracts and bribes paid to a Qatari military official. Additionally, RTX resolved a $428-million civil settlement for inflating labor and material costs on no-bid contracts, driving up profits. The company acknowledged its misconduct and committed to strengthening its compliance program while addressing legacy issues preceding its 2020 merger.
Related Posts
European Defense Start-Ups See 24% Surge in Investment Amid Rising Security Concerns
- Veiko Lukmann
- 12/02/2025
- 0
Investment in European defense and security start-ups jumped 24% in 2024 to $5.2 billion, outpacing AI venture capital growth on the continent over the past two years. A report by the NATO Innovation Fund and Dealroom highlighted growing investor confidence in companies like defense AI firm Helsing and drone maker Tekever, despite a broader downturn in European VC funding. Germany overtook the UK as the leading destination for defense tech investment, with Munich attracting nearly $1 billion in funding last year. The NATO fund, launched in 2022 with €1 billion, aims to bridge Europe’s funding gap in defense innovation, as […]
Northrop Grumman Plans Ammunition Production Line in Lithuania
- Veiko Lukmann
- 23/09/2024
- 0
One of the world’s largest weapons manufacturers Northrop Grumman Corporation hopes to build an ammunition production line in Lithuania to strengthen the Baltic nation’s defense industry. Vice-President Stephan O’Bryan signed a memorandum of understanding with the Lithuanian government in the capital Vilnius on Monday to manufacture 30 millimeter ammunition at an existing state-owned facility. Defense Minister Laurynas Kasciunas expects the production line to be operational within a year, saying that the ammunition would be used for the NATO member state’s infantry fighting vehicles. Original news
Estonia Reconsiders Second HIMARS Purchase Amid Production Delays
- Veiko Lukmann
- 19/02/2025
- 0
Estonia is reassessing a second order of Lockheed Martin’s HIMARS due to concerns over long production lead times, with a decision expected in the coming months. Defense Minister Hanno Pevkur emphasized the need for discussions with the U.S. to potentially secure earlier production slots. Estonia’s first order of six HIMARS units, worth over $200 million, is already in progress, with deliveries expected soon. Pevkur stressed that Estonia cannot afford to wait for extended delivery timelines amid growing regional security concerns. The review highlights Estonia’s urgency in strengthening its defense capabilities. Original news