Defense contractor Raytheon to pay almost $1B for defrauding DOD
Source: The Hill
10/18/24 7:18 PM ET
Raytheon Co., part of parent defense contractor RTX, will pay more than $950 million to resolve Justice Department allegations that it defrauded the Defense Department (DOD) and paid bribes to a government official in Qatar to get business in the country.
The company is accused of “a major government fraud scheme involving defective pricing on certain government contracts and violations of the Foreign Corrupt Practices Act and the Arms Export Control Act,” according to a statement from the Department of Justice (DOJ). The DOJ also said the company had violations in “its implementing regulations” and in “the International Traffic in Arms Regulations.”
Raytheon will enter into three-year deferred prosecution agreements in separate cases filed Wednesday in federal court in Massachusetts and New York. The company also agreed to hire independent compliance monitors to make sure it is following anti-corruption and anti-fraud laws.
At the center of the allegations in the Massachusetts case are missile systems Raytheon sold to the Department of Defense from 2011 to 2013 and the operation of a radar surveillance system in 2017. The company was accused of inflating its costs by $111 million in those deals. Raytheon allegedly lied to the Pentagon about the costs to build three Patriot missile batteries, with the Army agreeing to a $619 million contract.
Read more: https://thehill.com/homenews/4942259-raytheon-qatar-corruption-fraud-bribes/
DOJ PRESS RELEASE - Raytheon Company to Pay Over $950M in Connection with Defective Pricing, Foreign Bribery, and Export Control Schemes
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