Thales Under Scrutiny: Anglo-French Probe Sparks Controversy

Europe's largest defence firm, Thales, is under investigation by Britain's Serious Fraud Office and France's financial prosecutor over alleged bribery linked to a contract in Asia. The probe targets four entities in France and the UK. Thales denies the allegations and continues to cooperate with authorities.

Thales, a prominent French defence and technology firm, is facing serious allegations of bribery and corruption connected to a contract in Asia. Britain's Serious Fraud Office and French financial authorities have launched a joint investigation into the activities of the company, focusing on four entities located in France and the UK.

Despite these allegations, Thales has firmly denied any wrongdoing. The company has not disclosed when it first became aware of these claims or whether it is conducting an internal investigation. Thales, which maintains a strong position in the European defence sector, has expressed its commitment to zero tolerance for corruption.

Market reaction was swift; Thales shares initially fell by 7% but mostly recovered to close down by 2.9%. The defense giant is cooperating with the ongoing investigation. The scrutiny resembles past high-profile probes, including those of Airbus, indicating potential geopolitical implications for the French state-influenced company.

(With inputs from agencies.)