Another black mark for Ultra Electronics (ULE) after the defence and technology group revealed that it is being investigated by the Serious Fraud Office for suspected corrupt business activities in the group’s Algerian operations.
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The group’s presence in the North African locale, which is at the wrong end of global corruption rankings, has received scant attention until now, as it only constitutes a miniscule proportion of Ultra’s annual revenues of £775m. But the revelation came on the heels of the cancellation of a major defence acquisition due to anti-trust concerns, a November profit warning, and the ousting of long-term chief executive Rakesh Sharma.
