Meggitt to pay penalty for alleged U.S. export control issues

WASHINGTON Fri Aug 23, 2013 5:01pm EDT

WASHINGTON (Reuters) - The U.S. unit of Britain's Meggitt Plc (MGGT.L) has agreed to a civil penalty of $25 million as part of a consent agreement to resolve hundreds of alleged export control violations beginning in the mid-1990s, the U.S. State Department said on Friday.

It said the settlement was reached after an extensive compliance review by the State Department of multiple voluntary disclosures about potential violations of U.S. export control laws aimed at protecting U.S. weapons technology.

Under the 30-month consent agreement, Meggitt will pay $3 million of the total civil penalty of $25 million, with the remainder to be suspended, if the department approves company spending on remedial training and other compliance measures.

(Reporting by Andrea Shalal-Esa)

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