BAE denies it is target of probe

BAE Systems believes it is not the target of an inquiry by the Serious Fraud Office into false accounting in connection with defence contracts.

In a statement, BAE also said that it may itself have been on the receiving end of illegal activities.

“There is a possibility that BAE Systems may itself have been the victim of a fraud,” the company said.

The SFO is examining contracts between BAE and the travel agents Robert Lee International and Travellers World.

“Commentary has suggested that BAE Systems is itself currently the target of the investigation,” the company said in a statement.

“BAE Systems believes that this is not correct.”

Both the men who were arrested in connection with the SFO investigation were later released without charge.

Eight properties in London and the south of England were raided as part of the SFO probe.

“The SFO has confirmed that none of the eight locations searched by it are BAE Systems’ premises,” BAE said.