UK-based BAE Systems denied reports on 11 September that it had a£20 million ($32 million) 'slush fund' used for entertaining Saudi officials while they were on business in London. BAE chief executive Mike Turner said that the allegations, made in the UK daily Guardian were unfounded. 'We deny all such allegations. We operate in line with the laws of the UK and all other countries in which we operate,' he said (MEED 5:9:03).
BAE Systems has a long-standing relationship with Saudi Arabia but says that it has not spent millions dollars on travel, luxury accommodation and other expenses for high ranking Saudis, as the newspaper reported.
The allegations in the Guardian come shortly after BAE Systems recorded pre-tax profits of £333 million ($530.4 million), seven per cent down on the year. Profits for the first half of 2003 were £56 million ($90 million), up from £41 million ($65.3 million) from the same time last year.
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