Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,195,584 members, 7,958,803 topics. Date: Thursday, 26 September 2024 at 01:50 AM |
Nairaland Forum / Nairaland / General / Business / Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries (32568 Views)
Joseph Ezeokafor Receives Rolls Royce From Son As Birthday Gift (photos) / BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank / Guinness Nigeria Grows Profit By 249% To N6.7bn, To Pay 184 Kobo Dividend (2) (3) (4)
Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by Yarnvibes(f): 10:50am On Feb 19, 2017 |
Rolls-Royce has reported £4.6bn ($5.7bn) annual loss largely due to currency depreciation and payment of $808m fine to affected countries where it was involved in corrupt practices. According to a news agency, The Nerve, the motoring company had last month (January) apologised for the corruption case that centred around allegations that the group hired middlemen to broker deals in a number of countries including Nigeria, South Africa and Angola. In 2016, Rolls-Royce and its agent company in Nigeria, PSL Engineering and Control, ordered to supply gas turbines to power plants in the oil states of Bayelsa and Delta, were accused of various projects, especially to Oghareki power plant in Delta that cost $100m but was never completed. Findings from an investigation conducted by the Guardian and the British Broadcasting Corporation had uncovered leaked documents and testimony from insiders that suggested that Rolls-Royce might have benefited from the use of illicit payments to key officials and politicians to boost profits for years. The Guardian/BBC investigation, called Panorama, revealed that Nigeria, Angola and South Africa were part of the 11 countries the company had hired intermediaries. The investigation also revealed Rolls-Royce hired Fana Hlongwane, who is close to South Africa’s ANC government, in 2008 to help broker deals in the country. Although, Nigeria or South Africa have yet to get any amount from the agreement, the company revealed last month it had agreed to pay £671m to settle corruption cases with the United Kingdom, the United States and Brazilian authorities. The company’s Chief Executive, Warren East, took the helm in 2015 and has been tasked with turning around the company. East said, “While we have made a steady start, more remains to be done. The addition of new management and a renewed focus within the business leadership teams, with clear goals and stronger accountabilities, should provide a strong platform for further progress in 2017.” He added he would reveal further plans about the firm’s direction later this year. ****. http://www.kikiotolu.com/2017/02/rolls-royce-loses-57bn-to-corruption-in.html Lalasticlala Mynd44 seun Dominique 1 Like 1 Share
|
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by Damilare5882(m): 11:21am On Feb 19, 2017 |
I am too addicted to Nairaland.. ... Making first to comment while in church 28 Likes 4 Shares |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by Berbierklaus(f): 11:22am On Feb 19, 2017 |
That is nothing compared to their gain 12 Likes 1 Share |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by adami48(f): 11:22am On Feb 19, 2017 |
Y |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by onpointme: 11:23am On Feb 19, 2017 |
Hmm... |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by DuBLINGreenb(m): 11:23am On Feb 19, 2017 |
Thank God I did not invest in it |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by Jeffrey12(m): 11:23am On Feb 19, 2017 |
I dont give a Bleep ... Only the rich give a Bleep |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by MrAwePresident: 11:23am On Feb 19, 2017 |
H |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by Lollipop247(f): 11:24am On Feb 19, 2017 |
Imagine Corruption is highly infectious!! 2 Likes 1 Share |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by bluice2(m): 11:25am On Feb 19, 2017 |
Y |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by Amathylee(m): 11:25am On Feb 19, 2017 |
Yarnvibes: 6 Likes
|
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by martineverest(m): 11:25am On Feb 19, 2017 |
GENERAL ELECTRIC and SIEMENS better |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by happney65: 11:25am On Feb 19, 2017 |
No let buhari and he's fans like omolola15 see this ohhh,they will say that is why Nigeria has gone backwardness since he took over..Cos Buhari is the Blamer in chief..Buhari sef..Ahahahhahahahahaa 6 Likes |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by walosky(m): 11:25am On Feb 19, 2017 |
Ayam not undastandin 9 Likes
|
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by Nobody: 11:25am On Feb 19, 2017 |
Berbierklaus:My pickin Hope u good |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by Mrcapability7: 11:26am On Feb 19, 2017 |
Really how much did they made in the while ? aren't they royce participant in corruption, to them na small change |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by Nobody: 11:26am On Feb 19, 2017 |
Nigeria and other countries lose $5.7bn to Rolls-Royce due to corruption. 4 Likes 1 Share |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by AntiWailer: 11:27am On Feb 19, 2017 |
They are mad. How much did we lose to them ? When corrupt thieves spend our money to buy Rolls Royce ? |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by bakila: 11:27am On Feb 19, 2017 |
X Y H, space booking new symbols. Corruption has injured us in unimaginable and unmentionable places. |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by Fernandowski(m): 11:28am On Feb 19, 2017 |
I don't know where I kept my 200 naira and my chest is already doing me somehow 1 Like 1 Share |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by Thisis2raw(m): 11:28am On Feb 19, 2017 |
Whats the business with Nigeria and roll royce? |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by davodguy: 11:30am On Feb 19, 2017 |
Damilare5882: How has it helped improve your life in the real world? The only thing is that you're helping Seun increase traffic and adverts. Get addicted to productive things, life switching off your phone in church 2 Likes |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by osuofia2(m): 11:30am On Feb 19, 2017 |
Damilare5882:you sure say you de hear wetin de preacher de preach? |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by wellmax(m): 11:30am On Feb 19, 2017 |
Yarnvibes:but who cursed Africa? 2 Likes |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by Barmmyshoes(f): 11:31am On Feb 19, 2017 |
OUCH! Sorry. |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by Rick9(m): 11:31am On Feb 19, 2017 |
I don't give a F**k |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by Gerrard59(m): 11:32am On Feb 19, 2017 |
Yarnvibes: Wrong. The Rolls-Royce in the article is the engine maker and not the luxury car manufacturer. Totally different. Different management, different industry. Rolls-Royce as engine maker (aviation, maritime industry) not Rolls-Royce Motors as owned by her parent BMW. Please rectify. Berbierklaus: Wrong. This is the company's worst results in decades. Rolls-Royce is one the few remaining British industrial giants and with May's administration talking industrials and manufacturing, anything that happens to this firm negatively will disturb her. Furthermore, albeit, I don't condone corruption but heavy fines like this severely affects western corporations vis-a-vis their Chinese and Indians counterparts. Rolls-Royce is not at fault. The fault lies with the respective governments. Majority of African governments demand kickbacks in return for contracts, in my opinion, give them what they want and get the contract. It's their loss (corrupt governments) not the company's. If not the Chinese, Russians and Indians will get it (contracts). Business doesn't know sentiments. 12 Likes 3 Shares |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by Berbierklaus(f): 11:33am On Feb 19, 2017 |
Babzilla:My daddy!!! I am basking No dingbat can stop my shine 1 Like |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by Nobody: 11:33am On Feb 19, 2017 |
Lol |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by Damilare5882(m): 11:34am On Feb 19, 2017 |
davodguy:gbenu soun jor ...your are daft.. So the comment and quoting you just made didn't help Seun aabi ..think before you comment ..fool..you don't know mw,you don't know what I do ...so just shut the fccccuuuukkkkup and get a life .. Mofo |
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by veacea: 11:34am On Feb 19, 2017 |
|
Re: Rolls-royce Loses $5.7bn To Corruption In Nigeria And Other Countries by Damilare5882(m): 11:37am On Feb 19, 2017 |
osuofia2:make I no lie...preaching was kinda boring so I pulled out my phone |
A Simple Guide For Preparing A Feasibility Study / Xenophobic Attacks: MTN Investors Lose N40bn / Trader Kills Customer During Pricing
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 31 |