Rolls Royce is clearing out some dirty laundry. You see apparently like between 1996 to 2002 which is at least ten years ago some naughty things happened in Indonesia and they are only now getting around to discussing the matter with the British Serious Fraud Office. Bribes were paid in cash and a blue Rolls Royce to President Suharto’s son who eventually served time in jail.
The allegations came out when a Rolls Royce functionary was forced into early retirement after he spoke up about some strange spending on his bosses expense account in Indonesia. So the person decided to retaliate after he opened up the corporate kimono; specifically his bosses kimono. ,
The whole affair smacks of a pissing match with more unsavory details to follow. Personally I’m predicting a ménage à trois with cross gender nuances. So you have to ask your self why after ten years does someone get pissed off. Ten year is a long time to stew over something.
Then and only then do you go public. Oh really so you rock the boat ten years after. Rolls Royce is smarter than that and had waited for the rumble. They report themselves, take the upper hand and position you as the bad guy.
I for one am not against a few bribes here and there. The bribe kept many workers employed and much food on the table. Their cultures will not play ball with christian-judeo values. Cash will. We will have a lot of investigation, smoke and mirrors. Rolls Royce will promise to upgrade governance and compliance. sins of ten years will fade. No one will care. The technology that was installed as a result of this bribe is rapidly becoming obsolete and needs upgrading.
If Rolls Royce can do what it takes in third world developing economies the shareholder will do well. The shrill regulator will be long forgotten.