Ultra Electronics has become the latest defence company to be subjected to a corruption investigation by the Serious Fraud Office.
Shares in the west London-based expert in sonar technology fell 10 per cent on the stock market at one stage before rallying later to close 65p down at £13.23, with investors hoping that the financial fallout will not be too damaging. Ultra’s stock since last summer is down by nearly 40 per cent.
The SFO said it had “opened a criminal investigation into suspected corruption in the conduct of business in Algeria by Ultra Electronics, its subsidiaries, employees and associated persons following a self-report by Ultra”.
The SFO and Ultra declined to give any further information. In January the enforcement agency launched a money laundering