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Resources: SFO-BAE-Saudi Arabia, Export Credit Agencies

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BAE terminates Government insurance for controversial Saudi arms deals
The Corner House and Campaign Against Arms Trade

29 May 2009

BAE Systems, the UK's largest arms company, has cancelled all its public insurance for its controversial arms sales to Saudi Arabia. The company's decision came to light as a result of legal correspondence between The Corner House/Campaign Against Arms Trade with the UK Export Credits Guarantee Department (ECGD) and subsequent parliamentary questions tabled by Vince Cable MP. By cancelling its insurance, BAE has let the ECGD off the hook from possible legal action over its support for the Saudi deals.

file iconECGD BAE Saudi PR

"Suspicions over BAE termination of government contract"
Peter Marshall, Newsnight

29 May 2009

BBC2 Television's Newsnight current affairs programme summarised its 8 minute broadcast: "In 2006, the British government scotched a serious fraud investigation into BAE's biggest deal, with Saudi Arabia. Now, Peter Marshall [Newsnight presenter] reveals that the company may have returned the favour. It has stopped a billion pound insurance contract which tied the government to the Saudi business." Information about stopping the insurance contract came to light as a result of legal correspondence between The Corner House and Campaign Against Arms Trade with the UK Export Credits Guarantee Department.

file iconNewsnight BAE ECGD transcript

Legal correspondence with Export Credits Guarantee Department

following up OECD Phase2bis report
solicitors Leigh Day & Co, and Export Credits Guarantee Department

30 March 2009

This exchange of letters between the UK's export credit agency and lawyers acting for The Corner House and Campaign Against Arms Trade revealed that BAE Systems had cancelled all its public insurance for its arms sales to Saudi Arabia with effect from 1 September 2008. These sales have been underwritten by the agency for more than two decades and accounted for half its portfolio.

file iconECGD follow-up OECD2bis